Home24, a Germany-based online home products marketplace backed by e-commerce holding group Rocket Internet, priced its shares at €19.50 to €24.50 ($22.8 to $28.7) on Friday, targeting a valuation of $618m to $758m.
The company will issue up to approximately 7.69 million new shares to raise between $178m to $235m in proceeds. It has allocated an additional 1.25 million existing shares for over-allotments.
Founded in 2009, Home24 operates an online marketplace where users can purchase more than 100,000 home and garden products across three main categories: furniture, lamps and accessories.
The products are sourced from more than 500 international suppliers. The company operates across seven European countries and in Brazil.
Home24 will list on the Frankfurt Stock Exchange on June 15, giving investors until June 13 to submit purchase orders. None of the company’s existing shareholders are expected to divest.
The proceeds will go towards investments in property, equipment and technology, and allow Home24 to repay outstanding debt.
Rocket Internet owns a 41% stake in Home24 while investment firm Kinnevik holds 17%. Up to 32.4% of the company’s shares will be publicly traded following the IPO.
Rocket Internet contributed to a $22.3m funding round in September 2016 alongside investment firm Baillie Gifford. The round was reportedly in addition to a May 2016 round, though it now appears they were the same deal.
Rocket Internet had already injected $12.5m as part of a $19.8m round in 2014, and returned the following year to provide $32.7m alongside a $98.2m contribution from Baillie Gifford.
Investment bank JP Morgan acquired a 2% stake in 2012 in return for an undisclosed amount. Venture capital firm Holtzbrinck Ventures is also among its shareholders.
Berenberg, Citigroup and Goldman Sachs International are acting as joint global coordinators and joint bookrunners for the offering.