LONDON — The Mysale Group, which operates flash sale sites in Australia, New Zealand, South East Asia and the U.S., has released more details of its initial public offering, with the company set to float on the London Stock Exchange’s AIM market on Monday.
The company has set its placing price at 2.26 pounds, or $3.80 at current exchange, an ordinary share, giving it a market capitalization of around 340 million pounds, or $571.8 million. On admission to the market, 41.2 percent of the company will be in free float.
The 40 million pounds, or $67.3 million, that the company plans to raise from the float will be used for marketing initiatives and member acquisition when Mysale enters new markets, the firm said, with an initial focus on the U.S. and the U.K. It will also go towards capital expenditure on the company’s warehouses, and contribute to “opportunistic strategic acquisitions” and working capital to support growth.
As reported, Topshop owner Sir Philip Green’s family interests took a 25 percent stake in Mysale for 87.5 million Australian dollars, or $80.9 million, last month. Also in May, MySale also acquired the shuttered U.K. flash sales Web site Cocosa, and plans to launch Mysale.co.uk in the next few weeks, using Cocosa’s 800,000-strong customer base.