Home24, a Germany-based online home and living product retailer backed by e-commerce holding group Rocket Internet, is gearing up for an initial public offering, Manager Magazin reported on Thursday.
The company is hoping to list in early summer 2018, unnamed sources told Manager Magazin, though the reports have not yet been confirmed by Home24.
Home24 operates an online marketplace for furniture, home accessories and garden equipment, with a catalogue of more than 100,000 products. The company is currently active in Germany, Austria, Switzerland, Belgium, France, Italy and the Netherlands.
The business made a loss of €20m ($25m) on a turnover of €195m in the first nine months of 2017 but expects to balance its books ahead of the initial public offering.
Rocket Internet currently owns a 43% stake in Home24, having most recently contributed to a $22.3m funding round in September 2016 alongside investment firm Baillie Gifford. While the round was reportedly in addition to a May 2016 round, it now appears it was the same deal.
Rocket Internet had previously injected €10m in Home24 as part of a €15.9m round in 2014, followed by a €90m commitment by Baillie Gifford in 2015 and €30m from Rocket Internet at the same time.
Investment bank JP Morgan acquired a 2% stake in 2012 in return for an investment of undisclosed size, while venture capital firm Holtzbrinck Ventures and investment firm Kinnevik have also backed the company.
Oliver Samwer, chief executive of Rocket Internet, previously suggested in November 2017 that Home24 was going to seek additional funding. Home24 was valued at $514m as of 2016.