Global Fashion Group postpones IPO
26 Jun 2019
Fashion e-tailer Global Fashion Group (GFG) has postponed its planned initial public offering (IPO) until July.
The offer period for the IPO, which was planned to end 25 June, has now been set for 28 June, while the company’s shares, which were expected to start trading on 27, will now start trading on 2 July.
The company, which operates e-commerce platforms The Iconic, Zalora, Dafiti and Lamoda, said it had made the decision in consultation with Goldman Sachs International, Morgan Stanley and Berenberg, who are acting as joint global coordinators. In addition to the extension of the offer period, GFG said it is in discussions to change the offer terms, though no decision concerning a change of the offer terms had yet been made.
At the beginning of June, GFG announced plans to conduct an IPO and a listing of its shares on the Frankfurt Stock Exchange. It said it aimed to raise approximately 300 million euros which it would use 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.”
Last week, the company set the price range for the IPO at 6 euros to 8 euros per share.
Photo credit: The Iconic, Facebook