Back on the cards... and this is a retailer I would in!
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Broker Canaccord Genuity has locked in cornerstone investors for online retailer Kogan's initial public offering, sources told Street Talk on Thursday afternoon. As Street Talk revealed on Thursday, the broker has locked in about $30 million in cornerstone bids from fund managers this week, which was expected to be the bulk of the $50 million-odd IPO. The deal values Kogan at about $170 million, fund manager sources said. New investors were told most of the funds raised from the IPO would be used to grow the business.
Canaccord is expected to start marketing the company to other investors over the next week, which would see a prospectus lodged with the corporate regulator next month. The company has been
marketed as the No. 1 pure-play online retailer in Australia, with sales around $200 million, 2.3 million active subscribers and 28,000 products. In recent years the company, which started off selling flat screen televisions, has moved into general merchandise such as clothing, homewares and sporting goods, and services such as travel and mobiles. It's understood the IPO also saw investment bank UBS drop off the ticket. A late change in the listing structure reduced the size of the offer, with Kogan's existing owners including founder Ruslan Kogan opting to keep the bulk of their shares.
