Fashion trader About You valued at 3.9 billion euros in scheduled Frankfurt listing

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FRANKFURT: Shares of online fashion retailer About You AG were listed at 23 euros each for its scheduled stock market listing, valuing the German trading group at 3.92 billion euros ($ 4.75 billion), a he announced Monday.

The offer price is slightly below the midpoint of a range of 21 to 26 euros per share, unveiled last week.

The supply of new and existing shares in the Hamburg-based start-up, assuming full use of the over-allotment option, will amount to € 842 million, a free float of 21%. The first day of trading is scheduled for Wednesday.

This includes € 657 million in new shares sold in a private placement to shortlisted investors to fund its efforts to build a global fashion e-commerce platform.

About You, which operates in 23 European markets, competes with Zalando in the consumer segment while its B2B platform pits it against Shopify, SAP and Salesforce.

About You reported 57% revenue growth to 1.17 billion euros in the year through February and achieved its first positive basic profit in the last quarter since launching in 2014 .

The company is backed by mail order group Otto and Danish magnate Anders Holch Povlsen.

Deutsche Bank, Goldman Sachs and JP Morgan act as joint global coordinators and joint bookkeepers, Numis Securities, Société Générale and UBS Investment Bank also act as joint bookkeepers. ($ 1 = 0.8211 euro) ($ 1 = 0.8252 euro)

Meanwhile in New York: LinkDoc Technology Ltd, a medical data company backed by a subsidiary of Alibaba Health Information Technology Ltd, filed an initial public offering in the United States on Monday.

The Beijing-based company, which offers cancer-focused healthcare services, reported a 41% increase in revenue for the three months ended March 31, according to the filing.

For the same period, the net loss attributable to LinkDoc widened to 135.4 million renminbi ($ 21.17 million) from 61.6 million renminbi a year earlier.

The company’s listing plans come despite the introduction by the United States of measures that could cause foreign companies to be delisted from U.S. stock exchanges within three years if they do not comply with the country’s auditing standards.

LinkDoc said it will use the proceeds of the offering to strengthen its research and development capabilities and for investments and acquisitions, among others.

The company will be listed on the Nasdaq under the symbol “LDOC”, he said.

Alibaba Health is the flagship health platform of the conglomerate Alibaba Group Holding Ltd.

Morgan Stanley, BofA Securities and CICC are the underwriters of the proposed IPO.

($ 1 = 6.3967 yuan Chinese renminbi)

– Reuters



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