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Koovs raises £3.9M from Times Group; Ads for equity?

Koovs

Online fashion retailer, Koovs has raised a total of £10.9 million as investment, which includes £3.9 million from the Times of India Group and £7 million through the issue of 21,700,000 new ordinary shares at 50 pence per ordinary share from new and existing shareholders. The release quotes Mary Turner, CEO of Koovs saying, “We are delighted to bring on board our new strategic partner in the Times of India, a leading media company, which will give us access to TV, outdoor and digital platforms in addition to print and radio and will help to incrementally extend our coverage nationwide.” From Turner’s quote, it appears that the investment will be used for advertising across different media, but it’s not clear if this is an ads for equity deal. It is worth noting that in May 2016, HT Media had picked up a stake of 8.31% for £3 million in Koovs, which is approximately $4.4 million in an ad for equity deal to be spread over three years.

Koovs intends to also raise another £2 million through the Broker Option at an issue price of 50 pence per ordinary share and will be limited to 4 million shares, closing on Friday 18 November 2016. Peel Hunt LLP is placing shares for the company.

Other investment rounds:

In the beginning of May 2016, Koovs had raised £21.9 million, approximately $32 million through the issue of 87,600,000 new ordinary shares at a price of 25 pence per ordinary share. The funds were raised from both existing and new investors including Ruffer LLP. With this round of investment, the company acquired the remaining 38.6% stake in Koovs Marketing (Koovs India) resulting in Koovs owning 100% of its subsidiary.

In 2014, Koovs raised £22 million by offering 24,110,719 ordinary shares of 1 pence each at an issue price of 150 pence each, which represents for 60.8% of the company’s total issued share capital. After deducting underwriting discounts and other expenses, Koovs had got round £20.4 million from the offering.

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Financials:

Koovs posted gross sales worth Rs 47.3 crore (£5 million) for the trading period of April 1 to 31 July 2016. In the same period last year 2015, the company had posted gross sales worth Rs 22 crore.

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