LONDON (ShareCast) - (Sharecast News) - Online womenswear brand Sosandar said on Wednesday that it was placing just over 29.4m shares as it looks to raise £5m to invest further in TV advertising and increase stock levels.

The company will place the shares at 17p each in an accelerated bookbuild, with proceeds expected to be used "to provide further support for the continuation of the company's recently accelerated and successful growth strategy". This includes growing the customer database, namely through TV marketing, and upping stock levels to service the growing customer base.

In July last year, Sosandar raised £7m in a placing and spent part of the money on new marketing initiatives, including selective TV advertising.

"These new marketing initiatives significantly increased the company's brand recognition and awareness," it said. "In September 2019, the first month TV advertising commenced, the company saw a record number of email subscriber sign-ups with a 222% increase on August 2019 and the equivalent to approximately six months' performance in the prior year.

"Given the results from the new marketing initiatives, the company announced in October 2019 that the board had taken the strategic decision to accelerate the growth of the business by investing further in TV advertising."

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