LONDON (ShareCast) - (ShareCast News) - Warpaint London floated on AIM, the junior market of the London Stock Exchange, on Wednesday in order to support the cosmetics company's expansion ambitions.
A placing by broker Stockdale Securities raised £23m and over 23.7m shares were placed with investors, including board directors, at 97p each.

There will be over 64.5m shares in issue after admission, giving the company a market capitalisation of £62.6m.

The company said it continue to expand its brand W7's customer base internationally and introduce additional brands and product lines to generate further growth.

The W7 brand, which aims to deliver high quality colour cosmetics at affordable price, has more than 230 customers in over 40 counties.

In the first half the 2016 financial year revenue climbed 17.5% to £12.7m, compared to the same period last year, while earnings before interest, tax, depreciation and amortisation (EBITDA) gained 27% to £3.3m. At the end of June it had net assets of £11.4m.

For the 2015 financial year revenue increased 31% to £22.3m and EBITDA rose about 31% to £5.5m.

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