Mytheresa stock kept some of its market mojo Friday, rising 8.5 percent to $33.64 in midday trading — adding to gains made during its initial public offering a day earlier.
The Munich luxury e-tailer is now valued at $3 billion, up 87 percent from where the New York Stock Exchange offering was initially priced for institutional investors late Wednesday.
Mytheresa plans on using the $354.8 million it raised in the offering to pay off a loan from its primary backer — private equity firm Ares Management — and grab a bigger slice of growing e-commerce pie.
“The online market will triple, and we have seen great potential around the world, particularly in the U.S., and in Asia, markets where we already have good business, but where we lack resources on the ground,” Michael Kliger, chief executive officer, told WWD hours after ringing the opening bell on Wall Street. “The money from the IPO will drive future growth on a global customer base.”
But there are plenty of other companies looking to make market share gains — and they also have access to the public markets.
Investors looking to tap into the online growth in fashion — which has only grown during the pandemic — are getting more options by the day.
Secondhand platform Poshmark Inc. also went public this month, coming out of the gate strong and rising over 140 percent before settling some. The company’s market cap now stands at about $5.5 billion, a nice bump up from its initial IPO valuation of $3.1 billion.
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