Eyewear frames maker Inspecs announces £138 million AIM IPO
Abraham Darwyne
Company News - 2 mins
11:07, 13th February 2020

Inspecs Group (SPEC) FOLLOW announced on Thursday it plans to raise £94 million through an IPO on London’s AIM stock market.

The designer, manufacturer and distributor of eyewear frames will place 48.2 million shares at 195p each, raising £94 million and listing at a market capitalisation of £138 million.

Inspecs Group’s shares will trade under the ticker SPEC, and is expected to be admitted to AIM on February 27.

Robin Totterman, CEO of Inspecs said: "Today marks a truly exciting moment for Inspecs as we embark on the next stage of our growth journey in order to capitalise on the significant market opportunity that exists in the globally expanding eyewear industry.”

Inspecs was founded in 1988 as a UK-focused eyewear frame distributor, with licence agreements with companies that include French Connection Group FOLLOW, Sueprdry (SDRY) FOLLOW and O'Neill.

Mr. Totterman added: “We are delighted to have received a positive reception from a high quality set of investors, all of whom recognise the strong track record, differentiated proposition and competitive strengths of the business, being one of only a few companies providing a one-stop-shop to global retail chains.”

He continued: "This IPO will enable the business to fuel its growth ambitions both organically and through acquisitions, as we leverage our key strengths and competitive advantages to continue to take market share and drive shareholder value.”

Inspecs is chaired by Ian MacLaurin, who served as chair of Tesco PLC between 1985 and 1997 and Vodafone Group PLC between 1999 and 2006.

In H1 of 2019, Inspecs said its revenues climbed 14% year-on-year to £30.4 million, and expects to publish its full year results by June 30, under AIM rules.

In 2018, the company reported $57.3 million of revenues, a 17% increase from 2017. 

Peel Hunt is to be Nomad, Sole Broker and Sole Bookrunner to Inspecs.

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