Fast fashion retailer Quiz has been priced at £102.7m prior to the completion of its stock market listing on AIM and given a market cap of around £200m.

The retailer, which is using the float to fuel rapid growth, said JD boss Peter Cowgill would come on board as a non-executive chairman once the company listed. 

Its placing price has been set at 161 pence per share, making the market capitalisation of Quiz £200m upon admission to AIM.

Of the proceeds, £10.6m will be used to accelerate Quiz’s bricks-and-mortar and online expansion plans.

It hopes to open 20 UK stores and concessions respectively over the next two years, as well as expand its bricks-and-mortar presence in the US, Spain and Central America.

The retailer currently operates 73 standalone stores and 167 concessions across the UK and Republic of Ireland.

Quiz published its admission document following the successful pricing of the omnichannel retailer and is intending to apply for the admission of its entire issued share capital on AIM.

Growth prospects

Cowgill said: “I am delighted to be joining a company with such clear and exciting growth prospects and this has been reflected by the strong levels of investor interest received throughout this process. We are looking forward to achieving further growth and success for all stakeholders as a public company.”

Quiz chief executive and founder Tarak Ramzan said: “We have a well-invested infrastructure, a clear customer focus and a fantastic team and I am delighted that investors have recognised the company’s significant strengths and opportunities with their support.

“We are confident that the Company’s admission to AIM will help Quiz to deliver its clear omnichannel growth strategy and enable the brand to achieve its hugely exciting global potential.”