Much-discussed Superdry equity raise finally launches

Superdry has finally launched its much-talked-about share sale with a value of around £12 million, saying it will issue 15.7 million new ordinary shares at 76.3p each, adding up to 19.1% of its equity. 

Founder and CEO Julian Dunkerton has agreed to underwrite the equity raise in its entirety at the placing price but the company stressed that it’s launching the programme “to facilitate broader participation in the equity raise from its shareholder base and other institutional investors”.

And scotching (for now) rumours that the CEO might have been planning to take the firm private, the company added that if his shareholding ends up equalling or exceeding 30% of the enlarged issued share capital immediately following the fundraising, Superdry “intends to seek a waiver of the obligations under Rule 9 of The City Code on Takeovers and Mergers that would ordinarily oblige [him] to make a general offer for the company”.

Alongside the new shares, Superdry is also launching a retail offer (known as the REX Retail Offer) of ordinary shares of 5p each for existing shareholders with a minimum subscription of £50 per investor. Brokers AJ Bell, Hargreaves Lansdown, Interactive Investor and Jarvis Management have confirmed that they’ll be taking part in the retail offer.

Superdry said it “values its retail shareholder base and believes that it is appropriate to provide its existing retail shareholders in the United Kingdom the opportunity to participate in the… offer via participating financial intermediaries”.