Bonmarché is set to list on the AIM stock market on Wednesday, as it revealed its IPO plans have been successful.

Private equity owner Sun European has retained a 52.4% share in the firm after selling 40% of its stake for the stock exchange listing.

Sun expects to raise £40m from the listing when shares go on sale on Wednesday.

Investec is acting as financial adviser, nominated adviser and broker to the company

Bonmarché chief executive Beth Butterwick said: “We are delighted to announce that our initial public offering has been successfully received. We would like to welcome our new shareholders and are looking forward to the next stage in the development of the business as a publicly quoted company.”

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