Made.com: Online retailer confirms plans to raise £100m in London IPO
Made.com has confirmed plans to list in London later this month after capitalising on the shift to e-commerce during the pandemic.
Last week the online furniture retailer unveiled plans for a float and today confirmed it plans to raise £100m, and the offer will include an offer of existing shares to be sold by existing shareholders.
Made.com will apply for admission to the premium listing segment of the London Stock Exchange.
The London-headquartered company has not set a target valuation, but it is reportedly aiming for a price tag of up to £1bn.
It also said today it expects it would have a free float of at least 25 per cent of its issued capital, with shares representing up to 15 per cent of the offer to be made available through an over-allotment option.
“I am pleased to announce our confirmed intention to list here in London, where MADE was born. Over the last eleven years, MADE has been revolutionising the home and living sector by providing our customers across Europe with a curated range of high-quality, responsibly made, affordable products, underpinned by exclusive designs,” chief executive Philippe Chainieux said.
The business is fast growing, with a proven brand and customer proposition that travels well. We are excited to embark on our next chapter as we act on the huge opportunity for growth and deliver on our vision to become the leading home-lifestyle destination in Europe for the digital native.”
The furniture brand, which was co-founded by British entrepreneur Brent Hoberman in 2010, has grown rapidly in recent years, thanks in part to its popularity among millennials.
It has capitalised on the pandemic-induced shift to online shopping and cumulative sales since the business launched passed £1bn at the end of 2020.
In December the retailer announced plans to hand out share options worth more than £10,000 to its 650 staff.