Oversubscribed Fundraise of £5.9 million
Singer Capital Markets is delighted to have acted as Nominated Adviser, Sole Broker and Sole Bookrunner to Sosandar plc on its oversubscribed Fundraise £5.9 million via a Placing and Retail Offer. The Placing, as a result of increased demand, has raised gross proceeds of approximately £5.4 million from existing and new investors. A total of 24,545,454 Placing Shares have been placed at 22 pence per share.
The Company is also pleased to announce that it has raised gross proceeds of approximately £500,000 pursuant to a significantly oversubscribed Retail Offer via the Bookbuild platform from existing shareholders. A total of 2,272,727 Retail Offer Shares will be issued, also at 22 pence per share.
The Company intends to use the net proceeds of the Fundraise primarily to accelerate the execution of its omni-channel strategy through further investment in stock, enabling increased provision of Sosandar’s product range in-store with third party partners including Sainsbury’s from Autumn Winter 2023 onwards. The net proceeds will also create further balance sheet headroom to fast track other growth initiatives as well as enable accelerated investment in the Company’s proven customer acquisition model.
Ali Hall and Julie Lavington, Co-CEO’s of Sosandar, commented:
“We are delighted to have successfully completed our fundraise, with both existing and new investors showing support for our business and future growth plans. We welcome the strength of support shown by our existing shareholders and would like to welcome new investors to the Company.
The progress and momentum that we have experienced over the last two years has been substantial. The strength of our brand and distinctive product range continues to resonate incredibly well with our large but underserved demographic and with this strong momentum, the Board believes the opportunity for Sosandar is larger than ever. This opportunity has been demonstrated by us delivering a record performance in the third quarter of FY23 with a record number of visits to Sosandar.com and a record quarter for our third party partners.
We are as confident as ever that the winning formula of our distinctive product range and effective marketing strategy will enable us to capitalise on the sizable opportunity available and continue to move forward on our journey to becoming one of the largest womenswear brands globally.”
About Sosandar plc
Sosandar is one of the fastest growing women’s fashion brands in the UK targeting style conscious women who have graduated from price-led alternatives. The Company offers this underserved audience fashion-forward, affordable, quality clothing to make them feel sexy, feminine, and chic. The business sells predominantly own-label exclusive product designed in-house.
Market Cap: £59 million*
Website: Click here
*As at 21/02/2023