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.
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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.
Founded in 2006 by Ruslan Kogan, the company had an initial product range of two LCD televisions.
It 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.
