Fashion retailer SuperGroup has announced the closure of the retail offer for its IPO, which it said has been oversubscribed.

The retailer, which operates Superdry and Cult, said earlier this month that its institutional offer was “heavily oversubscribed”.

The subsequent retail offer was designed to allow SuperGroup employees and other retail investors to participate in the IPO.

It closed at 1pm on March 22 and the maximum amount of £5m was raised.

The retailer said it will make a further announcement prior to the commencement of trading, once allocations have been determined.

Trading on the London Stock Exchange’s main market will take place on Wednesday March 24 under the ticker symbol SGP.

SuperGroup chief executive Julian Dunkerton said: “We are delighted by the strong level of demand for shares in SuperGroup from both institutional investors and from our employees and other retail investors.  This reflects the strong confidence in the strategy and growth potential for SuperGroup. We welcome all our new shareholders and look forward to delivering value to them.”