Rocket Internet-backed online furniture firm Home24 plans IPO

Germany’s Home24 is planning a stock market listing in Frankfurt aiming to raise up to 200 million euros (175 million pounds), the online furniture retailer said on Friday.

Launched in 2009 in Berlin, the loss-making firm delivers furniture in seven European markets, plus Brazil.

Home24 said it plans to use the proceeds of its listing to invest in property, equipment and technology and to repay outstanding debt.

It did not specify when the listing was expected to occur but typically IPOs occur around four weeks after they are announced.

E-commerce investor Rocket Internet holds a 41 percent stake and other investors include Sweden’s Kinnevik and Baille Gifford.

Home24 had hoped that online sales of furniture would grow as fast as those of fashion, but growth has been slower and much larger players such as Ikea are now investing heavily in e-commerce.

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