Warpaint London raises £31.5m in upsized placing

3rd May 2024 07:52

(Sharecast News) - Warpaint London concluded an upsized placing of seven million shares on Friday, raising £31.5m in a bid to broaden its shareholder base and position it for future growth.

The AIM-traded cosmetics firm said the placing, at a price of 450p per share, was originally set at six million shares when announced on Thursday.

It was subsequently increased to seven million shares during the accelerated bookbuild to accommodate high demand.

The board said the placing shares now represented 9.06% of its current issued share capital.

Post-placing, chief executive officer Samuel Bazini and managing director Eoin Macleod would retain 20.64% of the company's issued share capital each, holding 15.95 million shares, subject to a lock-up period of 12 months following completion of the placing.

Warpaint said the move aimed to increase its free float and broaden its shareholder base, positioning it for future growth opportunities.

At 0803 BST, shares in Warpaint London were down 0.52% at 475p.

Reporting by Josh White for Sharecast.com.