Warpaint floated on AIM on Wednesday 30th November 2016, raising £23m from the initial public offering (IPO) of shares priced at 97p, giving it a market capitalisation of £62.6m.

London cosmetics business Warpaint made public its plans to float on AIM, the London Stock Exchange’s alternative investment market. Founded in 1992, the company’s flagship brand is W7, which was launched in 2002 and named after its founding postcode in west London.

The company is already profit making and reported revenues of £22.3m in 2015, up from £17m in 2014, and a 2015 EBITDA of £5.5m, an increase from £4.2m (2014).

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Warpaint said admission to AIM will assist it in its development by: raising its company profile and enhancing brand awareness; providing investment to accelerate growth; increasing access to capital as and when further finance is required for further expansion; and providing opportunities for the board to use shares as acquisition capital.

Co-founders and joint chief executives Sammy Bazini and Eoin Macleod said in a statement:

We believe that the appetite for the investment case is strong and we look forward to welcoming new shareholders to the company.

The capital raised and AIM listing will help increase the business’s profile, as well as enable us to further the development of our W7 brand and growth strategy.

Article updated 13/12/2016