UPDATE: Footasylum headed for 171 million pounds valuation on AIM

London - Footasylum is headed for a market valuation of 171.3 million pounds when it floats on London's AIM next week. The footwear retailer is set to list on London stock exchange junior market on November 2, offering a combination of 26,474,380 new and 13,381,134 existing shares at 1.64 pounds per share.

Upon admission to AIM, 63 percent of the issued share capital will be retained by the Makin family and the remaining shares will be made available to potential shareholders, together with a 37 percent free float. Footasylum seeks to raise gross proceeds of approximately 65.4 million pounds from institutional and other investors when its shares begin trading next week under the ticker FOOT, according to a statement.

Funds raised from Footasylum IPO are set to go to expanding the footwear specialist store chain, which currently is at 61 across the UK, to at least 150. In addition, approximately 3.9 million pounds will also be used to repay a director's loan made to the company by chairman John Wardle. “Today marks the beginning of an exciting new chapter in the Footasylum story," said Clare Nesbitt, Footasylum chief executive in a statement.

“We are delighted that our product-led, multichannel expansion strategy has resonated so strongly with investors, and are thrilled to have received such a strong level of demand for the placing. We welcome our new shareholders and look forward to delivering the significant potential that we see for Footasylum as a quoted business.”