- Huw Hughes
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Fashion e-tailer Global Fashion Group (GFG) has postponed its planned
initial public offering (IPO) until July.
The offer period for the IPO, which was planned to end 25 June, has now
been set for 28 June, while the company’s shares, which were expected to
start trading on 27, will now start trading on 2 July.
The company, which operates e-commerce platforms The Iconic, Zalora,
Dafiti and Lamoda, said it had made the decision in consultation with
Goldman Sachs International, Morgan Stanley and Berenberg, who are acting
as joint global coordinators. In addition to the extension of the offer
period, GFG said it is in discussions to change the offer terms, though no
decision concerning a change of the offer terms had yet been made.
At the beginning of June, GFG announced plans to conduct an IPO and a
listing of its shares on the Frankfurt Stock Exchange. It said it aimed to
raise approximately 300 million euros which it would use to “fuel continued
growth by investing in the technology platform, customer acquisition, and
fulfilment and delivery infrastructure, including automation, as well as
other general corporate purposes.”
Last week, the company set the price range for the IPO at 6 euros to 8
euros per share.
Photo credit: The Iconic, Facebook
