Shaver Shop cuts a fine figure

A positive debut on the ASX has lifted the retailer’s valuation.

The Shaver Shop CEO Cameron Fox in the Shaver Shop Melbourne Central Store. Picture: Ian Currie.

Shaver Shop has enjoyed a 2 per cent lift in its valuation through its first day of trade, aided by an upswell in positive sentiment on markets over the last 72 hours.

The retailer raised $98 million through its IPO, offering 93 million shares at $1.05 apiece, with the pricing near the bottom of a $1.03 to $1.30 indicative range.

The 30-year-old group currently has 99 stores, and has detailed a plan to increase this to 145 in coming years.

Investors appeared warm to the growth prospects early in its life as a public company, pushing shares up 2 per cent to $1.07 at 2pm (AEST). It has climbed as high as $1.115 during the session.

The positive showing has lifted its market cap from $131m to $133.5m.

Shaver Shop also revealed some big names among its initial top 20 shareholder list, with board members Craig Mathieson and Brian Singer holding 3.3 and 4.3 per cent, respectively. The holdings come through the Mathieson family’s Zara Holdings and Mr Singer’s Katani Pty Ltd.

Mr Mathieson is chief executive of The Mathieson Group, while Mr Singer is the founder of surfwear group Rip Curl.

The biggest shareholder, however, is John Johnston’s Alsop Pty Ltd, which lays claim to 11.4 per cent.

Mr Johnston is best-known as the co-founder of Godfreys, a vacuum cleaner retailer that hit ASX boards in 2014.