Two clothing retailers entered London’s junior market today, with shares in both jumping during their first day of trading.
Footasylum, the sportswear retailer which is the branchild of JD Sports co-founders John Wardle and David Makin, debuted on the market with a price of 164p per share. They hit a high of 207p and closed at 193.5p.
This netted the company £65.4m to go towards further growth, though £3.9m is to go back to John Wardle to pay back a director’s loan.
Meanwhile, women’s clothing brand Sosandar joined AIM following its reverse takeover by the listed cash shell Orogen of its parent Thread 35.
The brand was established by two former staff members of Look Magazine just last year, and has gained a following among professional women over 30.
New shares were placed at a price of 15.1p each. It rose to a high of 20.75p during trading and closed at 18.75p.
Co-founders Ali Hall and Julie Lavington will remain in charge of the business, and told City A.M. earlier this week that they believe they can achieve better margins than young fast-fashion brands Boohoo and Asos as the business develops.