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Mayfair-backed Seraphine announces IPO intention

Harriet Matthews
18 June 2021

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Mayfair Equity Partners-backed Seraphine, a maternity clothing designer and retailer, has announced its intention to list on the London Stock Exchange.

The company will list via its holding company Kensington Topco, the company said in a statement.

Numis Securities is acting as sponsor and sole bookrunner.

Mayfair acquired Seraphine from Bridgepoint Growth in December 2020 in a deal valued at around £50m. Bridgepoint had acquired a majority stake in the company in September 2017, with founder Cécile Renaud retaining a 33% stake.

The company recorded EBITDA of £4.7m from sales of £28.1m for the year to 31 March 2020, compared with turnover of £22m and EBITDA of £3.1m in the previous year. The company is headquartered in London and has retail sites in the UK, the US, France, Dubai, Hong Kong and New Delhi, but 89% of its revenues come from its digital platform, according to a statement. Western Europe accounts for 40% of its total revenues, with North America accounting for 29% and the UK 26%.

Mayfair invested in Seraphine via Mayfair Equity Partners II. The fund held a final close in January 2019 on £650m and deploys equity tickets of £20-50m, backing media, technology and telecommunications businesses.

If successful, the IPO will be the third partial realisation from Mayfair II within nine months. Mayfair sold its majority stake in Parcel2Go to EQT, as reported.

Seraphine joins a growing pipeline of PE-backed European companies expected to list in the coming weeks and months. In the UK, recent PE-backed IPOs include Made.com's £775m listing, as reported.

Unquote reported on the strong Nordic IPO pipeline in March 2021. Companies including VC-backed IT and electronics retailer Komplett have announced their intention to list in recent weeks. In DACH, the Riverside Company's Bike24 and Argand Partners' Cherry have also announced intentions to float, with both IPOs expected before the end of June 2021.

As reported by Unquote, 2021 is set to be the strongest year for PE-backed IPOs since 2017, following a slump in listings as the pandemic caused market uncertainty in 2020.