LONDON (ShareCast) - The former Chairman of online fashion sensation Asos (Other OTC: ASOMY - news) has set out plans to float an Indian copycat online retailer on London's AIM.

Koovs has set out plans to raise £22m with its initial public offer (IPO), according to the Financial Times.

Lord Waheed Alli, the media baron who chaired Asos between 2003 and 2012, is chair of Koovs and has brought in former Asos director Robert Bready as Creative & Retail Director, who will be backed by a design and buying team based in London.

Bangalore-based Koovs was founded in 2010 as a daily deals website, but switched course to 'lifestyle e-tailing' in 2012 when a large stake was taken by Anant Nahata, scion of the family that runs India's HFCL telecoms group.

Koovs, which even has adopted a very similar website design to Asos, now focuses on affordable western fashion rather than Indian ethnic clothing, aping celebrity fashions to appeal to middle-class working men and women aged 18-30 years, exactly like the London-based company.

The owners plan to float about 35% of the company with 44% owned by the Nahata family, 11% by Lord Alli and the remainder with management.

Still just me so far here - there's so much chat on Boo Hoo for this Friday but this I think could be the long slow burner. Up c. 15% today.

Well done Greyhound!

I have been watching the sp and your posts, but I tend to steer clear of retail (high street or internet) as I don't really understand why some are 'here today, gone tomorrow' and others seem to be popular for a while.
Presumably this guy is also putting ASOS's nose out of joint?

Hi guys, I've spent quite a bit of time looking at the demographics of India - very young population with an increasing amount of disposable income. Even a small percentage of this market is going to have a significant impact but it is likely to take years. I remember the set backs with Asos all too clearly when they were c. 50p and their Buncefield warehouse went up. Nice one to tuck away in the ISA and only 3 weeks until we have another allowance. Internet retail can adapt much more quickly to market trends than the high street.

Hi Greyhound, could a better chart be put in the header as that one's not very informative please.,.

Well done Greyhound.

Balerboy - lol !

WHAT.... ok eventually a better chart with vol, and macd would be nice.,.

That s a great chart ... if you bought yesterday !!! :))

Good on you Greyhound .

Beats Pets At Home!

Market cap exceeds £50m so will be a nice addition for niche funds

Balerboy, done.

lol, maybe i was a little premature but thanks anyway. I'd forgotten it had only just been launched.

I think thats a lampshade i see forming on the chart.

I wondered what you wanted to see ;) Better for the longer term though.

JP Morgan Asset Management raises stake to 7.96%

Just dipped my toe in at 188 for 2000
Found it difficult as EMS is only 600
Tried to get filled at 181 but no joy.

you may have dipped too early.......

looks like another spiffing mug-punters ipo

Joined you all here with a few yesterday --

Nice gear! -- http://ink361.com/app/tag/KOOVS

Since floating

JP Morgan have increased their holding by 200,000 = 7.96%
JO Hambro have increased by 550,00 = 9.47%