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Zalando valued at £4.1bn ahead of today's IPO

German etailer Zalando has priced its IPO near the top end of its given range, valuing the company at as much as €5.3bn (£4.1bn).

Zalando priced its stock at €21.50 (£16.74) a share, raising €605m (£471m) by floating 11.3% of share capital. It had expected to price the shares at between €18 and €22.50 (£14 and £17.52) a share.

The Berlin-based business will list on the Frankfurt Stock Exchange today.

Zalando, which was founded in 2008, turned over €1.02bn to €1.06bn (£806m to £808m) in the first half of 2014, as EBIT broke even for the first time.

Its five largest shareholders are Swedish investment firm Kinnevik, Munich-based venture capital fund Global Founders Capital, Danish businessman Anders Holch Povlsen, Russian investment company DST Europe and German venture capital firm Holtzbrinck Ventures.

All five will remain investors in the company after the offering.

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