LONDON (Reuters) - British online fashion retailer Boohoo.com plans to list its shares on London’s Alternative Investment market, joining a surge of retail groups seeking flotations as the outlook for consumer spending improves.
The firm said in a regulatory filing on Friday that it was seeking a March listing.
Boohoo designs, sources, markets and sells own brand clothing, shoes and accessories through its website to a core market of 16-24 year-old consumers in the UK and globally.
It claims to have 2.3 million active customers.
The filing gave no details of the capital Boohoo plans to raise or divestment by the existing owners with the majority of Boohoo’s shares owned by the firm’s founders, the Kamani family.
According to media reports, Manchester-based Boohoo plans to raise over 100 million pounds and gain a market value of around 500 million pounds.
Its larger rival, ASOS (ASOS.L), also listed on AIM, has a market capitalisation of 5.8 billion pounds.
Peter Williams, a former non-executive director of ASOS, will become non-executive chairman of Boohoo that was set up in 2006.
Boohoo’s flotation is one of many expected in Britain’s retail sector in 2014 on the back of the country’s gradually improving economy.
Convenience store McColl’s and online domestic appliances firm AO World (AO.L) have already listed, while Poundland and Pets at Home PETSH.UL have set price ranges.
Fat Face, B&M and House of Fraser are amongst other store groups expected to come to market.
Reporting by James Davey, Editing by Belinda Goldsmith