LORD ALLI & KOOVS PLC
Foot Anstey advised long-standing client Lord Waheed Alli and the company he chairs, Koovs plc, on its admission to trading on the AIM market of the London Stock Exchange and its subscription for shares of the fashion-focused e-commerce business, Koovs India. The placing has raised £22.0 million (before expenses), giving a market capitalisation on Admission of approximately £36.2 million. Dealings commenced on 10 March at 8:00 a.m.
Koovs India was established in May 2010 as a general e-commerce business in India, operating through the website, Koovs.com. Since August 2011 it has been backed by the Nahata family in India.
Koovs.com's focus has been on fashion products and fashion related accessories when, in September 2012, Koovs plc, founded by Lord Waheed Alli (formerly Chairman of ASOS plc) and Robert Bready (formerly Product Director of ASOS plc), began to supply Koovs India with consultancy services in fashion design for an e-commerce business.
In order to establish the proposed Group structure, the Company and Koovs India have entered into a subscription agreement under which the Company has agreed, conditional upon Admission, to subscribe for shares representing 57.5 per cent. of the enlarged share capital of Koovs India using approximately £16.5 million of the new funds raised by the Company pursuant to the Placing.
Lord Waheed Alli, Chairman, commented: "Today's successful fundraising marks an important step in our mission to build Koovs.com into India's leading digital fashion website. Success does not come overnight, but we are confident that with a team that is passionate about fashion and online, offering the best UK and international brands and collaborations, together with exciting own-label collections, we have the right foundations in place to capitalise on the exciting e-commerce opportunity in India. Foot Anstey stood shoulder to shoulder with us throughout the process, participating with us in many of the decisions we have made - we very much view them as an extended member of our executive team"
Matt Stoate, partner, lead the Foot Anstey team on the transaction, added: "It was a pleasure to witness a Company from inception in 2012 to an IPO which valued the business at £36 million after such strong investor interest resulted in the placing being over-subscribed. Joining AIM is a significant step in the growth of this business and it was great for us to be involved with such a key part of the process"