Revolution Beauty announces proposed admission to AIM

Revolution Beauty Group plc, has announced its proposed admission to trading on AIM and its conditional placing of 69,194,687 new ordinary shares and 118,305,313 existing ordinary shares, at a price of 160 pence per share with institutional and other investors.

Commenting on the development, Adam Minto, founder and CEO of Revolution Beauty, said: “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.”

The company said in a release that it has entered into a cornerstone investment agreement with Jupiter Asset Management who has, subject to certain conditions, agreed to subscribe for 90 million pounds of the placing. Based on the placing price, the total market capitalisation will be approximately 495 million pounds.

The company expects that the placing of new shares will raise gross proceeds of 110.7 million pounds, while placing of sale shares is expected to raise gross proceeds of 189.3 million pounds for the selling shareholders. Revolution Beauty Group added that the net proceeds of the placing will provide the company with approximately 20 million pounds of cash immediately post IPO.