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Inspecs has clear view of IPO path
Posted on Thursday, 13 February 2020 13:04
Inspecs Group, a UK-based eyewear frames designer and manufacturer, has announced plans for an initial public offering (IPO) on the London Stock Exchange that could raise GBP 94.00 million.
The business unveiled a conditional placing of 48.22 million ordinary shares at GBP 1.95 apiece, consisting of 12.05 million new stocks and 36.17 million existing scrips being sold by institutional investors.
Inspecs is expecting to receive GBP 23.50 million of the total proceeds, which will be used along with new bank facilities and existing cash to finance the group’s acquisition strategy and further invest in the company.
Selling stockholders are likely to take home GBP 70.50 million from the IPO.
Peel Hunt has been appointed as sole underwriter to the stock market flotation, expected to take place on 27th February 2020, with chief executive Robin Totterman likely to be interested in around 26.7 per cent of the issued shares.
Following the placing and upon admission, around 52.2 per cent of the company’s outstanding stock will be held by the public.
Inspecs, said to have a market capitalisation of GBP 138.00 million once the IPO has completed, was founded in 1988 by Totterman and signed its first licencing agreement with French Connection, designing their popular FCUK branded eyewear frames.
It also has partnerships with Superdry, Hype, Radley and Caterpillar, among other brands, and sells its products around the world, with offices in the UK, Portugal, Scandinavia, the US and China.
Headquartered in Bath, Inspecs has over 30,000 points of sale, with customers including optical and non-optical retailers, generating 22.8 per cent of revenue in the UK and the remaining 77.2 per cent internationally.
During the six months ended 30th June 2019, the company recorded turnover of USD 30.40 million, up 13.9 per cent from USD 26.70 million in the corresponding period of 2018.
Underlying earnings before interest, taxes, depreciation and amortisation rose 32.0 per cent to USD 6.60 million in the same timeframe (H1 2018: USD 5.00 million).
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