FRANKFURT (Dow Jones) – Global Fashion Group fashion retailer has found enough investor for IPO after the bid price is down, but it still has to accept the cuts. At a reduced price of EUR 4.50, 44 million shares will be invested, including EUR 40 million from recapitalization. The IPO amounts to just under EUR 200 million.
Just a few days ago, a fashion retailer announced that it would sell 51 million shares in public offering, which should amount to EUR 230 million, while the original target was EUR 394 million.
The IPO was successful only because the two major shareholders promised the fashion merchant fresh money if the demand for IPO was too low and now they have to deliver. Kinnevik Internet and Rocket Internet SE will receive shares of 60 million, or about 50 million euros. The first trading day should be unchanged on July 2nd.
Global Fashion wants to use investment funds, for example in a technology platform. The online fashion and lifestyle merchant operates in 17 Asian-Pacific, Latin American and Commonwealth of Independent States (CIS) and employs 10,000 people.
Contact the author: firstname.lastname@example.org
DJG / jhe
Dow Jones Newswires
June 29, 2019 15:25 ET (19:25 GMT)