has become the latest retailer to float on the stock exchange this morning dealing in ordinary shares.

The online fashion retailer garnered a placing price of 50p per ordinary share, valuing it at £560m.

Boohoo said £300m was raised placing 600 million ordinary shares with institutional and other investors.

In a joint statement Mahmud Kamani and Carol Kane, joint chief executives of Boohoo, said: “The IPO of marks an exciting milestone in the company’s development and will support us in our continued ambition to provide high quality, fast fashion at affordable prices for our fashion-conscious customers around the world.

“We view the support from investors as a strong endorsement of the company’s growth plans and we look forward to creating value for our new shareholders as we begin life as a public company.”

Boohoo’s successful float follows those of Pets at Home and Poundland, which also floated this week.

The £50m proceeds for the company will be used to ramp up its growth and enhance its working capital base.

Part of the money will be used to expand the etailer’s distribution facilities and repay the mortgage on its Burnley warehouse. It will also invest in infrastructure and IT systems to support international growth overseas. Some £240m will be used to repay convertible loan notes held by existing shareholders.