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MySale announces plans to float on Aim

Australian flash Sales website MySale plans to list on London’s Alternative Investment Market (Aim), with an expected valuation of between £340m and £390m.

Arcadia boss Sir Philip Green bought a 25% stake in the business for nearly £50m in May, and the company is looking to raise a further £40m when it goes public on June 16.

Macquarie Capital is the nominated adviser, alongside Zeus Capital – which acted for etailer Boohoo when it listed on Aim in March – as joint broker and bookrunner.

The move follows MySale’s decision to relocate its global head office from Sydney to London as part of plans to expand outside its home markets of Australasia and Southeast Asia.

Making its entrance in the UK, last week MySale bought luxury flash Sales site Cocosa for an undisclosed amount to acquire its member database, website and social media content.

Carl Jackson, chief executive of MySale, said: “Having built a profitable business from our sites in Australia, New Zealand and Southeast Asia, we have established an office in the UK to take advantage of the opportunities available to us in the US and UK markets.

“This is an exciting time for MySale as we continue to invest in the technology, supplier relationships and logistics that make it such a compelling proposition to our members.”

Fat Face recently called off its planned IPO on the London Stock Exchange, which was expected to value it at £110m, on 22 May.

The business cited “current equity market conditions” as the principal factor in its decision.

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