Boohoo shares jump 60% in stock market debut

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Online fashion retailer Boohoo.com made its debut on London’s Alternative Investment Market (Aim) this morning, with its shares jumping 60 per cent in early trading.

At a placing price of 50p a share, the initial public offering (IPO) raised £300m, of which about £240m will go to members of its co-founder’s family and other shareholders.

In early trading on Aim, the retailer’s shares jumped to 80p, valuing it at almost £900m.

Boohoo sells its products in more than 100 countries and targets fashion-conscious shoppers aged between 16 and 24. Founded in 2006 by joint chief executives Mahmud Kamani and Carol Kane, the company has more than 2.3 million active customers.

Today’s flotation is the latest in a rapidly-growing list of retail IPOs. Discount store operator Poundland and pet accessories chain Pets at Home made their market debuts on Wednesday, while House of Fraser – owner of Edinburgh institution Jenners – is also expected to join the market.

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