Germany-based e-commerce company Zalando priced its initial public offering at €21.50 ($27.10) a share on Monday, and has raised approximately $664m from the IPO, which valued the company at roughly $6.6bn.
The shares were priced near the top of Zalando’s €18-€22.50 range. The company will issue almost 24.5 million shares, with another 3.7 million available to buy by the underwriters to cover over-allotments, which would lift the size of the IPO to about $765m.
Founded in 2008 and incubated by venture firm Rocket Internet, Zalando sells fashion and footwear products to a customer base located mainly in Western Europe.
Zalando’s investors include fashion company Anders Holch Povlsen, which owns a 9.4% stake post-IPO, Holtzbrinck Ventures, which acts as publishing company Georg von Holtzbrinck’s corporate venturing fund and which holds 6.9%, and Tengelmann Ventures, which fulfils the same purpose for retail chain Tengelmann and which retains a 5% stake.
Other notable backers are Kinnevik (32%), the Rocket Internet-affiliated Global Founders Fund (15%), and investment firm DST Global (7.3%).
Zalando’s shares opened at €24.10 in Frankfurt today, but subsequently dipped below €23.00 later in the day.
– Photo courtesy of Zalando