British online fashion retailer boohoo.com will have a market capitalisation of £560 million when it lists on London’s Alternative Investment Market next week.

The firm, majority owned by its founders, the Kamani family, said today it had placed 600 million shares at 50 pence, raising £300 million and giving the implied market value.

Boohoo designs, sources, markets and sells own brand clothing, shoes and accessories through its website to a core market of 16-24 year-old consumers in the UK and globally.

Of the proceeds £240 million will be used to repay convertible loan notes held by the company’s existing shareholders.

Some £50 million pounds will be used to accelerate the firm’s expansion and enhance its working capital base.

Following the listing the board and the Kamani family will hold approximately 44 percent of boohoo’s enlarged share capital. Trading in boohoo shares will start on March 14th.