BooHoo founder sells 80 million in shares
Mahmud Kamani and his siblings Rabia Kamani and Nurez Kamani sold a total of 36.6 million shares in BooHoo valued at 80 million pounds. BooHoo also raised a further 50 million pounds by doing a share placement of 22.7 million shares priced at 220 pence representing a 0.3% discount on the share price.
Mahmud Kamani has used the rising value and popularity of BooHoo to realise some of his gains. His family share holdings along with co-founder Carol Kane now amount to 39% off the business. The business includes other brands such as Nasty Gal and Pretty Little Thing.
BooHoo has announced that the capital raising effort will go toward the build of a new supersite warehouse so that the company can meet the demands of rising customer numbers. On this news, BooHoo shares have hit a record high price of 260 pence. This values the company at approximately 2.8 billion pounds.
BooHoo expects growth for the year to reach 60%, revised from an initial forecast of 50%.
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