Global Fashion Group announces IPO pricing
today Jun 17, 2019
Global Fashion Group has announced the pricing range for its planned IPO with the offering set at between €6 and €8 per share. The offer period is set to start on Tuesday (June 18) and expire on June 25. Trading in the company’s shares should start on June 27 on the regulated market (Prime Standard) of the Frankfurt Stock Exchange. Its trading symbol will be GFG.
The free float will account for 24.4% of the company’s total equity at the mid-point of the price range and should raise around €300 million.
The company, which owns Zalora, The Iconic, La Moda and Dafiti, announced its IPO plan earlier this month and also said it’s moving towards break-even. The business is a major online fashion and lifestyle destination in 17 countries across Asia Pacific, Latin America and the Commonwealth of Independent States.
It’s aiming to boost investment using the proceeds of the IPO with its technology platform, customer acquisition, and its fulfilment and delivery infrastructure being among the beneficiaries.
Co-CEOs Christoph Barchewitz and Patrick Schmidt 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.”
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