German designer accessories retailer fashionette prices IPO
fashionette announced the pricing for its planned initial public offering (IPO), which could value the German designer accessories retailer at EUR 192.00 million.
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Under the terms of the transaction, the company is selling 3.61 million shares as part of the flotation, including 1.20 million new stocks, 1.50 existing securities from the holdings of selling investor Genui Fund in a base deal, 500,000 existing scrips and a further 405,000 existing equities as part of an overallotment option.
Assuming the green shoe is exercised in full, fashionette will fetch a total EUR 112.00 million in proceeds as each item is worth EUR 31.00 apiece.
Hauck & Aufhäuser Privatbankiers Aktiengesellschaft has been hired as sole global coordinator and sole bookrunner for the IPO.
fashionette is listing on the Frankfurt Stock Exchange, with trading expected to start as soon as 29th October 2020 and the delivery of the sold shares slated for 30th October 2020.
The company sells a range of premium and luxury brands.
Founded in 2008, fashionette claims to be one of the most popular online stores in the German-speaking market for designer bags, shoes and accessories as well as sunglasses, watches and jewellery.
The group has over 150 premium and luxury brands, more than 11,000 products and 3.00 million+ site visits.
In 2019, fashionette generated earnings before interest, taxes, depreciation and amortisation of EUR 6.80 million on sales of EUR 73.00 million.
Zephyr, the M&A database published by Bureau van Dijk, shows there have been 11 stock market flotations by companies in the retail trade sector announced worldwide in 2020 to date.
In the largest of these, UK-based online clothing store operator the Hut Group, formally known as THG Holdings, raised GBP 1.88 billion through a listing on the London Stock Exchange.
Brazil’s Havan, US-headquartered Leslie’s, Brazil-based Pet Center Comercio Participacoes and Italy’s Max Stock, among others, have also been targeted.
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