itim Group PLC is seeking to float on London’s AIM market as it bids to capitalise on the structural shifts in the retail sector amidst the pandemic.
The company, a software as a service (SaaS) business that claims to enable store-based retail to compete with online rivals, is seeking to raise £10mln to £12mln in an initial public offering.
It offers customers an omni-channel (a mix of online and offline) retail solution to more than sixty brands in the UK and worldwide. The software for example allows for both home delivery and in-store ‘click-and-collect’ and also supports in-store returns for online purchases.
The company highlighted that it has grown its annual recurring revenue by 55% since the start of 2018 and its forward growth strategy will seek to expand its client base and expand into new territories, along with acquisitions to enhance product and it portfolio of customers.
“We are delighted to announce our intention to float on AIM, representing an exciting new chapter in the company's history,” said Ali Athar, itim chief executive.
“Our firm belief is that if bricks-and-mortar retailers are to compete in a post-COVID world, they will need to operate a best-in-class omni-channel service.
“It is the only way they will be able to withstand the domination of pure online retailers and regain market share through using their store estates to their competitive advantage and improving profitability.”
WH Ireland will be the sole broker for the IPO and it will be the company’s nominated adviser.