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Royal-Approved Maternity Label Eyes $84 Million IPO

A maternity brand worn by Kate Middleton and Carrie Underwood is aiming to raise millions in an IPO next month.

London’s Seraphine Group is eyeing a 61 million pound ($84.8 million) debut when shares are slated to begin trading on the London Stock Exchange in July. The move stands in contrast to Destination Maternity’s 2019 bankruptcy, which shuttered roughly 180 stores and led to a brand revamp.

Since its founding in 2002, Seraphine has amassed a loyal following among pregnant and post-partum women, attracting celebrity fans like model Coco Rocha and singer Christina Milian. Originally a standalone boutique in Kensington, the company now operates in about 125 countries with flagships in the U.S., U.K. and Europe, and has seen 30 percent year-on-year revenue growth in recent history.

The planned IPO comes after Mayfair Equity Partners acquired the company in December for 50 million pounds ($69.5 million) and backed a management buyout of CEO David Williams, founder Cécile Reinaud and previous backer Bridgepoint Growth, a private equity group that took a 2017 majority stake in Seraphine. Williams had leveraged his prior experience as Asos’ digital experience director to grow Seraphine’s web chops when he joined the maternity label as chief operating officer before becoming CEO two years later.

Seraphine plans to float about 50 percent of the outstanding equity in the firm on the London Stock Exchange, which would likely give it a place in the Financial Times Stock Exchange, or FTSE, indices. It plans to file a registration document by its holding company Kensington Topco Ltd. Proceeds from the IPO will be used to repay outstanding loans.

Mayfair and the management team at Seraphine will retain ownership of the equity shares not listed.

The market for fashion IPOs has been hot after cooling off during the pandemic., ThredUp, Figs, Dr. Martens have all gone public in recent months, while Rent the Runway, Chinese fast-fashion firm Shein and Brooks Brothers parent Authentic Brands Group are said to be preparing their public debuts.