Following last week's news that it was considering an IPO, maternity wear specialist Seraphine has formally confirmed its intention to float.<\/p>\n
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The final offer price of the London-based brand will be determined following a book building process with admission to the London Stock Exchange expected to take place during July.<\/strong><\/p>\n Seraphine CEO David Williams said now was \"the\u00a0right time for the business to IPO\". <\/strong>\u201cThe ITF announcement marks the next stage in our journey towards being a publicly listed company. Listing will give us the opportunity to further the Group\u2019s reach and continue to grow our presence and product offer in the highly resilient and under-competed maternity and nursing wear market. The opportunities for the business are considerable, with plenty of the global market still to go for.\u201d<\/p>\n The offer will comprise new shares to be issued by the company (expected to raise gross proceeds of approximately \u00a361 million) and sale shares expected to be sold by existing shareholders, including the executive directors. The company is targeting\u00a0a free float of at least 50% of the Company's issued share capital.<\/strong><\/p>\n Seraphine was founded by entrepreneur C\u00e9<\/i>cile Reinaud in 2002<\/strong> offering premium, fashionable but accessibly priced maternity and nursing wear. The brand went on to acquire a high profile celebrity following, including, most notably, the Duchess of Cambridge.<\/p>\n Reinaud took a step back from the business when Williams, who arrived at the business from ASOS in 2017, stepped into the role of CEO in 2019.<\/strong><\/p>\n At the end of last year the business was acquired in a \u00a350m deal by Mayfair Private Equity Partners,<\/strong> who bought out Reinaud previous backers Bridgepoint Private Equity.<\/p>\n The digital-first business, which also has a number of strategically placed retail stores and some digital and wholesale partners, achieved sales of \u00a334m in the year to 4 April.<\/strong> It also has a strong global footprint with around two-thirds of its FY21 revenue generated outside of the UK.<\/p>\n In addition to the intention to float, the business has also announced that Elvie Chief Operating Officer and Chief Financial Officer Sarah Highfield has been appointed as a non-executive director. Elvie specialises in natural and sustainable baby products and equipment. Prior to joining Elvie, she was CFO at Costa Coffee.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Following last week's news that it was considering an IPO, maternity wear specialist Seraphine has formally confirmed its intention to float.<\/p>\n","protected":false},"author":11,"featured_media":144256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[15264,14644,11762],"acf":[],"yoast_head":"\n