Footwear retailer Shoe Zone has priced its shares at 160p, valuing the business at £80m, as it plans to list on AIM on Friday.

The retailer’s owners, chief executive Anthony Smith and chief operating officer Charles Smith, will sell part of their stakes, realising their work in building up the business. None of the proceeds will go to the company.

Shoe Zone will have a free float of 44.5%.

Anthony Smith said: “We are delighted that our initial public offering has been successful and are excited about the next phase of Shoe Zone’s development. We have secured a high-quality shareholder base and we would like to welcome these new shareholders to the register and look forward to keeping them updated on our progress.”

Numis is acting as financial adviser to Shoe Zone.