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Footasylum confirms IPO plan

U.K.-based fashion retailer Footasylum, which was created by founders of JD Sports Fashion Plc, on Oct. 16 confirmed that it plans to float on the London Stock Exchange's junior market, AIM.

Footasylum said it expects dealings in the company's ordinary shares to begin in November, but did not disclose how much it plans to raise from the IPO.

The apparel retailer plans to use proceeds from the placing to fund its growth strategy, which includes increasing the company's digital presence and opening around 150 stores in the U.K. with eight to 10 new store openings annually in the medium term.

The company also disclosed that former JD Sports CEO Barry Bown will join the board as executive chairman in June 2018 when the current chairman, John Wardle, retires from the role.

GCA Altium Ltd is acting as nominated advisor and Liberum Capital Ltd. is acting as broker in relation to the IPO.