THE WHAT? Revolution Beauty has commenced trading on AIM. The cosmetics brand placed 69 million shares priced at 160p each, according to a report published by Proactive Investors.
THE DETAILS Shares of the mass market beauty label hit a low of 150p, and were trading at 151p at 0800GMT on Monday, valuing the company at £464,1 million, below its £495 million estimate.
THE WHY? Revolution Beauty’s flotation coincided with a rocky day for the markets as the UK lifted all remaining restrictions, sending the pound and FTSE 100 into a downward spiral. CEO and Co-founder Adam Minto said, per Proactive Investors, “There remains a considerable opportunity and we are now in the best possible position to broaden our global reach and deliver against our significant growth prospects in a beauty market that has very compelling dynamics for an agile and inclusive business like ours.”