H&M rival confirms stock market listing plans
MQ, one of Sweden’s leading fashion retailers, plans to float the company on the Stockholm exchange and expand into new markets.
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MQ, the Gothenburg-based competitor of fashion giant Hennes & Mauritz, on Monday confirmed plans of an initial public offering in a move to raise cash and expand into new markets.
"MQ is one of Swedenʼs leading brand chains with an ambition to grow further in Sweden and expand to new geographic markets”, chairman Erik Olsson said in a statement, adding that the listing is an important step to ensure "access to capital and further increase the awareness of MQ”.
The fashion retailer, with some hundred stores across Sweden, estimates it will raise between 600 and 700 million kronor ($83-97 million) before issue costs, if the IPO is successful. The distribution of ownership of shares will be made through a combined new issue and sale of existing shares. 55 percent of the company's stocks will be put on the market.
During the last twelve months (May 2009-April 210) the company's net sale amounted to 1.4 billion kronor with an operation profit of 150 million kronor.
First trading day at Nasdaq OMX Stockholm is planned to June 18.
Last Updated (Monday, 07 June 2010 14:16)
