Yahoo Finance Maternity brand Seraphine - worn by the Duchess of Cambridge - suffers tricky birth in London float
Seraphine, the high-end maternity fashion brand worn by Kates Windsor, Winslet and Hudson floated in London today under the stock market ticker “BUMP”.
Unfortunately, the share price failed to match the symbol and instead of a bump, shares — which launched at 295p valuing the company at £150 million — tumbled nearly 3% in conditional trading.
The chain, founded in Kensington in 2002 by French entrepreneur Cécile Reinaud, has shops in London, New York, Paris and Delhi but makes about 90% of its sales online.
It placed 20.7 million new shares and 4.9 million existing shares in the IPO, raising £61 million which bosses will use in part to pay down debts and listing costs.
Reinaud cashed out when the firm was acquired last year in a management buyout led by Mayfair Partners, and no longer works there.
CEO David Williams, a former Asos executive, also led on the buyout.
Before today’s launch Williams said he was "absolutely delighted" about the IPO and that the float will raise the company's profile and provide "the platform to achieve our international growth plans".
He said: “This exciting next step in the company’s journey will see us building on our existing strong fundamentals, reaching more customers worldwide and continuing to deliver innovative designs that support the journey of motherhood.”
Business school graduate Reinaud was inspired to launch the brand after hearing colleagues in London complain about the shortage of fashionable clothing on offer for pregnant women at the time.
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