Footasylum expects its market capitalisation to be £171.3m when it launches its IPO on AIM next week at the price of £1.64 per share.

The retailer will list on the London Stock Exchange’s junior market on November 2 through a combination of 26,474,390 new and 13,381,134 existing shares.

The footwear specialist will raise gross proceeds of approximately £65.4m from institutional and other investors, as well as having conditionally raised £43.4m prior to listing.

Approximately 63% of the issued share capital from the listing will be owned by co-founder David Makin and the remaining 104,474,390 will be available to potential stakeholders, alongside a 37% free float.

Footasylum will use funds raised through its flotation to drive its bricks-and-mortar expansion and plans to increase its number of stores from 60 to 150.

The retailer has drafted in former JD Sports boss Barry Bown to spearhead its ambitious growth plans.

Footasylum chief executive Clare Nesbitt said: “Today marks the beginning of an exciting new chapter in the Footasylum story.

“We are delighted that our product-led, multichannel expansion strategy has resonated so strongly with investors, and are thrilled to have received such a strong level of demand for the placing.

“We welcome our new shareholders and look forward to delivering the significant potential that we see for Footasylum as a quoted business.”