Seraphine lists in London seven months after Mayfair deal

Seraphine (via its holding company Kensington Topco) successfully priced its IPO at 295 pence per ordinary share on 13 July. It is now trading on the main market of the London Stock Exchange under the ticker "BUMP".

Based on the offer price, Seraphine's market capitalisation was approximately GBP 150.2m, equating to 21x its latest EBITDA figure.

The offer comprised 20,677,011 new shares issued by the company to raise gross proceeds of approximately GBP 61m, and 4,931,278 shares being sold by certain existing shareholders amounting to gross proceeds of GBP 14.5m, equating to a total offer size of approximately GBP 75.5m and representing 50.3% of the company's issued share capital on admission.

The company announced its intention to float in June. Numis Securities acted as sponsor and sole bookrunner.

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

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

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.

Company
Launched in 2002 by Cécile Reinaudas as a boutique store in Kensington, London, Seraphine has grown to become an international business selling maternity clothing to 127 countries around the world.

The company recorded EBITDA of GBP 7m from revenues of GBP 34m in the year ending in April 2021, compared to EBITDA of GBP 4.7m from sales of GBP 28.1m 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%.

People
Seraphine Group – David Williams (CEO).
Mayfair Equity Partners – Daniel Sasaki (managing partner).

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