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Made.com starts trading with market value of £775mln

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Made.com Group Plc (LON:MADE) has set an IPO price of 200p per share that values the design furniture retailer at £775mln.

The posh sofas and tables seller starts trading on Wednesday on the main market of the London Stock Exchange.

The offer includes 50mln new shares, raising £100mln, and 46.9mln shares to be sold by existing shareholders for a total offer size of £193mln.

An extra 14.5mln shares will be available by some selling shareholders as part of the over-allotment option, which would increase the total offer to 111.5mln shares in total and 29% of the company.

Following admission, the group’s issued share capital will be 387.7mln shares.

“Our successful track record in the UK and internationally has been made possible with the foundations that we have built over the last eleven years – a unique combination of a well-recognised brand, a proprietary, data-driven platform, and a bespoke, vertically integrated supply chain connecting our network of designers, artists and collaborators with our customers,” said Philippe Chainieux, the chief executive of Made.

“A listing in London, where the business was founded, will enable us to accelerate our growth as we lead the development of the online furniture and homewares market as it moves online, both in the UK and internationally.”

The cash will be used to accelerate its growth in existing markets, improve service through a reduction of lead times offered to customers, scale its homeware range and give the group increased working capital flexibility.

Founded in 2010, Made styles itself as “the leading digitally native lifestyle brand in home”. It sells its products across the UK, Germany, Switzerland, Austria, France, Belgium, Spain and the Netherlands via its e-commerce platform.

In the first quarter of this year, around 48% of gross sales were generated from orders outside of the UK.

Sales were up 63% on the preceding quarter, with the homeware division’s growth outstripping that of the furniture division.

From 2015, gross sales in the UK grew at a compound annualised growth rate (CAGR) of 28% from £48mln to £165mln in 2020. Sales in Continental Europe grew at a CAGR of 49% over the same period from £21mln to £150mln.

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