Seraphine valued at £150.2m in IPO

Seraphine will debut on the London market with a value of £150.2m after setting the price for its initial public offer.

The maternity and nursing wear brand will sell shares 20.68 million new shares at 295p each to raise about £61m and a further 4.93 million shares from existing investors. The total offer will be valued at £75.5m, representing 50.3% of its issued share capital.

Seraphine announced plans to float in June and said it would use the money to expand. Conditional dealing in the shares on London's main market started at 08:00 BST on Tuesday. Unconditional trading will start on 16 July.

David Williams, Seraphine's chief executive, said: "We are absolutely delighted to be starting our journey as a public company by joining the main market of the London Stock Exchange, raising our profile and providing us with the platform to achieve our international growth plans. I am pleased with the strong level of support we received for our IPO and I would like to welcome our new shareholders to the register."