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Made.com valued at 775 million pounds in London listing

Made.com valued at 775 million pounds in London listing 1

LONDON (Reuters) – Made.com, the British online furniture retailer, will list its shares on the London stock exchange at 200 pence, giving the group a market capitalisation of 775.3 million pounds ($1.09 billion), it said on Wednesday.

Its initial public offer (IPO) comprises 50.0 million new shares, raising gross proceeds of 100 million pounds, and 46.9 million shares to be sold by existing shareholders, excluding any over-allotment shares, amounting to a total offer of 193.8 million pounds.

Made.com, which was launched in 2010 and operates across eight European countries, has seen sales surge during the COVID-19 pandemic.

It said a further 14.5 million shares are being made available by selling shareholders in the over-allotment option.

If exercised in full that would increase the number of shares in the offer to 111.5 million, representing 29% of the company’s issued share capital.

Conditional dealings are expected to commence at 0700 GMT on Wednesday. Unconditional dealings will start on June 21.

J.P. Morgan and Morgan Stanley are global co-ordinators and bookrunners.

($1 = 0.7096 pounds)

(Reporting by James Davey; editing by Michael Holden and Louise Heavens)

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