UK-based clothing retailer Joules plans to raise more than £77.5m when it lists its share on London’s junior stock exchange market Aim.

It has been valued at around £140m ahead of its listing.

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The firm intends to place 7.2 million new shares, as well as 41.3 million existing shares at a price of 160p each, insidermedia.com reported.

From the amount raised from the floatation, it intends to use £11.5m to pay an outstanding loan.

"Joules is a much loved brand with a rare heritage and we are delighted with the strong response to the placing."

The remaining proceeds will be distributed between brand’s founder Tom Joule, private-equity investor LDC and other staff members.

Following the floatation, Joule will have a 32.2% stake in the business.

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The IPO is a part of the company’s strategy to open more number of stores in the UK and Ireland. It also plans to expand into other countries and boost its product range, reported standard.co.uk.

Joules CEO Colin Porter was quoted by inisdermedia.com as saying: "Joules is a much loved brand with a rare heritage and we are delighted with the strong response to the placing, reflecting investors’ recognition of the significant further opportunities for the group both in the UK and internationally."

Joules currently has 98 stores and intends to open up to 12 new stores annually.