Australian flash Sales website MySale has revealed it will go public on June 16, in a move that will value the company at around £340m.
It will list on London’s Alternative Investment Market (Aim), issuing 150,647,610 ordinary shares, which is equivalent to 41.2% of the total business. Arcadia boss Sir Philip Green acquired a 25% stake in May.
MySale will use the £40m raised for a number of purposes including “opportunistic strategic acquisitions”, following on from its purchase of Cocosa in May.
It will also be used for “marketing initiatives and member acquisition when entering into new markets”, primarily the UK and US, to improve infrastructure and as working capital to support MySale’s growth.
MySale first revealed it was launching in the UK back in February. It subsequently announced it was relocating its headquarters from Sydney to London.
Macquarie Capital is the nominated adviser on the IPO, alongside Zeus Capital – which acted for etailer Boohoo when it listed on Aim in March – as joint broker and bookrunner.