Rural fashion and lifestyle retailer Joules has seen its shares valued at 160p each, giving the company a market value of £140 million ahead of its flotation on Thursday. The deal, which will raise £77.5 million, will see founder Tom Joule receive a £477.7 million payout as he takes his stake in the company from 80% to 32.3%.
The bulk of the £77.5m raised from the IPO will go to selling shareholders, with £11.5m used to pay down an outstanding shareholder loan. The IPO is part of a strategy which will see the expansion of the company’s store estate in the UK and Ireland as well as growing internationally and expanding its product range.
