British online fashion shop Boohoo.com will have a market cap of around £560 million when it floats on the Alternative Investment Market (AIM) next week.

It joins other Brit-based firms Poundland and Pets at Home, which are both due to float soon too. The business focuses on young fashion-conscious consumers with tight budgets.

Interest in the business has developed quickly since it founded eight years ago; today Boohoo has more than 2.3 million active customers and last year it posted a 70 per cent increase in turnover to £92 million in the 10 months to December.

The company said it raised £300 million by selling 600 million shares at 50 pence each. Existing shareholders will pocket £240 million, with the rest being used to expand its Burnley Warehouse.

Trading in Boohoo stocks will begin on 14 March.