Australian online electronics retailer Kogan plans to raise A$50m ($37.2m) through an initial public offering (IPO) and intends to be listed on the country’s stock exchange by the end of this month.
Pricing each new share at A$1.80, the online retailer would have a market capitalisation of $168m once it begins trading.
Go deeper with GlobalData
This offering is not open to the general public.
Lead manager Canaccord Genuity is underwriting the institutional offer, broker firm offer and priority offer, reported Sydney Morning Herald.
Most of the funds raised will be used to boost growth as it plans to invest in new products and categories.
See Also:
Founded in 2006 by Ruslan Kogan, the company had an initial product range of two LCD televisions.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIt currently has around 52 million site visits a year.
In its prospectus filed with the Australian Securities and Investments Commission, Kogan stated: "The way people buy goods and services in Australia has undergone significant change in the past ten years.
"As the market continues to expand and redefine itself, we will continue to evolve Kogan."
Kogan and chief operating officer David Shafer will hold a 69% stake in the firm.
Earlier this year, the online retailer acquired Dick Smith’s online retail business for an undisclosed amount.
