The company is raising the proceeds by way of a conditional placing of 34,587,411 new ordinary shares of 0.1 pence each at 101 pence per share with institutional and other investors. Based on the placing price, the market capitalization of eve on admission to trading on AIM will be c.£140m.
On Admission, expected to take place at 8.00 a.m. on 18 May 2017 under the ticker EVE, the company will have 138,349,644 Ordinary Shares in issue. The ISIN is GB00BYWMFT51 while SEDOL is BYWMFT5.
Eve will use the funds for advertising and marketing efforts and as general working capital to support and implement the growth strategy, including through deepening penetration within its ten existing markets, as well as expanding its product range.
Led by Jas Bagniewski, Chief Executive Officer, eve is an e-commerce focused, direct to consumer sleep brand which designs and sells eve-branded mattresses and other sleep products, including pillows, sheets and duvets. The company focuses on the design, branding, marketing and selling of its products, with other aspects of its operations, including manufacturing and fulfilment, being outsourced.
eve, which has grown revenue from £2.6m in FY15 (the first financial period of operation) to £12.0m in FY16, aims to continue to penetrate existing territories further, expand into new markets, extend its product range and develop its retail partnerships.
The company has been backed by Channel 4, DN Capital, Octopus Ventures, Paul Pindar, Woodford Investment Management, and FJ Labs.