Shares in online womenswear fashion brand In The Style have started to be traded on the London Stock Exchange's AIM market after its initial public offering completed this morning.
As a result, the Salford-headquartered company raised £11m through a share placing while a further £49m was secured for existing investors.
The firm now has a market capitalisation of about £105m.
The move comes after In The Style first announced its plans to float on AIM at the start of this month.
The business, which was founded in 2013 by entrepreneur Adam Frisby with £1,000 of seed funding from his bedroom, works with influencers on a long-term basis to collaboratively design, develop and promote branded fashion collections.
On admission, the company has 52,499,998 ordinary shares in issue and a free float of approximately 44.2%.
Causeway Capital Partners I LP owns approximately 14.5% and senior management owns about 27.3% of the issued ordinary shares.
In early 2018, Causeway Capital completed a growth capital investment in return for an approximately 49% interest in the business, providing Baronsmead VCT with an exit.
In The Style has previously said it intends to use the net proceeds of the placing receivable by it together with some of its existing cash resources to continue to invest in growing and developing its social media influencer network, selective brand marketing, entry into certain international markets through its proven influencer model, infrastructure and technology and assist with the move to a new, larger warehouse in 2021.
Mr Frisby said: "Today is a really exciting day for In The Style. Our successful admission to AIM is a milestone we are delighted to have achieved. It has been an incredible journey over the last seven years for the business and I'm beyond proud of the differentiated and inclusive brand In The Style has become.
"We are very pleased to welcome our new shareholders to the business and I am really excited for the next chapter of the In The Style journey."
Salford-headquartered TalkTalk and Manchester smart meter company Calisen have both been delisted from the London Stock Exchange after being acquired in separate deals.
