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Koovs Files For £22M IPO On London’s AIM Exchange; Restructure, Shareholding

Koovs plc (Koovs) has filed for an IPO on AIM (Alternative Investment Market), a sub-market of the London Stock Exchange that offers smaller companies a more flexible regulatory system than applicable to the main market. (Hat tip - TechCircle) Through this offering, Koovs is looking to raise £22 million (around Rs 224.5 crore) and will be offering 24,110,719 ordinary Shares of 1 pence (around Re 1) each at an issue price of 150 pence (around Rs 153) each. The company shares are expected to start trading from Monday (March 10, 2014). This follows the company's plans to go public last November by listing on AIM. An FT report had then said that Koovs owners plan to float about 35% of the company to raise £22 million.The remainder will be split between the Nahata family, Koovs chairman Waheed Alli and the company’s management. As per the filing, Koovs Marketing Consulting Pvt Ltd (Koovs India) was set up in May 2010 as a general e-commerce business. In August 2011, Infotel E-Commerce Private Limited, a company controlled by the Nahata family, acquired a controlling interest in Koovs India start focusing on the sale of mobile phones and other electronic goods. Its worth noting that Nahata used to own Infotel Broadband before it was bought by Reliance Industries in June 2010 who later rebranded it as Reliance Jio Infocomm. In September 2012, Koovs eventually pivoted to fashion products and fashion-related accessories when Silvergate Retail Limited (now known as Koovs plc), founded by Lord Waheed Alli and Robert Bready, started offering Koovs India with consultancy services in…

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