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Revolution Beauty announces £300mln placing, proposed admission to AIM

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Revolution Beauty Group PLC announced a £300mln placing and its proposed admission to London’s Alternative Investment Market next week.

It plans a conditional placing of 69.2mln new shares and 118.3mln existing shares at a price of 160 pence per share with institutional and other investors, valuing the beauty and personal care business at about £495mln.

It said the placing had attracted strong support from high quality institutional shareholders and was significantly oversubscribed. It has entered into a cornerstone investment agreement with Jupiter Asset Management who has, subject to certain conditions, agreed to subscribe for £90mln of the placing.

The net proceeds of the placing will provide the company with about £20m of cash immediately after the initial public offering (IPO).

“The IPO of Revolution Beauty marks a significant milestone in the company’s development and provides us with a solid platform to execute our exciting growth plans and take advantage of the significant opportunities for global expansion in a compelling growth market,” said co-founder and chief executive Adam Minto.

The shares are expected to start trading on AIM on July 19 under the ticker ‘REVB’.

Zeus Capital is acting as nominated adviser and broker to the company.

Since being established in 2014, Revolution Beauty has grown its annual net revenue to £157.6mln for the 14-month period to end February 2021. It sells its products in five continents globally.

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/954836/revolution-beauty-announces-300mln-placing-proposed-admission-to-aim-954836.html


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