Zalando plans float on Frankfurt stock exchange
German online fashion retailer Zalando has announced plans to list on the Frankfurt stock exchange later this year.
The group said it will look to sell between 10 to 11% of its shares in the initial public offering which will consist solely of new shares from a capital increase. Its current shareholders will not be participating in the offering.
Zalando hopes to raise more than €500 million through the IPO as it looks to fund further expansion.
Last week, Zalando reported that first half group revenues grew by 29.5% to €1.047 billion and that the group had made its first ever operating profit.
In this latest announcement Zalando board member Rubin Ritter said: “Achieving profitability in the first half of 2014 is an important milestone, which once again underlines the attractiveness of our business model.
“The IPO is the next logical step in the development of Zalando, since it allows ourselves - over the inclusion of equity addition - the flexibility to pursue our long-term growth ambitions.”
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