Global Fashion Group announces price range for IPO
17 Jun 2019
Global Fashion Group (GFG) has set the price range for its planned initial public offering (IPO) at 6 euros to 8 euros per share as the global fashion e-tailer prepares to float on the Frankfurt Stock Exchange.
The offer period is expected to commence on 18 June and to expire on 25 June, while trading in the company’s shares on the regulated market (Prime Standard) of the Frankfurt Stock Exchange is expected to commence on or around 27 June, under the trading symbol GFG.
The company, which operates e-commerce platforms The Iconic, Zalora, Dafiti and Lamoda, announced its IPO plans earlier this month, and said it intends to raise approximately 300 million euros in the planned offering. The free float will amount to 24.4 percent at the midpoint of the price range after the completion of the offering.
The company said it will use the money to “fuel continued growth by investing in the technology platform, customer acquisition, and fulfilment and delivery infrastructure, including automation, as well as other general corporate purposes.”
Commenting on the news in a statement, Christoph Barchewitz and Patrick Schmidt, co-chief executive officers, said: “This is a very exciting and important next step for GFG. Through an IPO we will be able to invest in further strengthening our end-to-end customer proposition, continue our path to profitability and reinforce our position as the leading fashion and lifestyle destination in growth markets.”
Goldman Sachs International, Morgan Stanley, and Berenberg are acting as Joint Global Coordinators and, together with HSBC, as Joint Bookrunners.
Photo credit: Dafiti, Facebook