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UPDATE: MySale has today(June 16, 2014)  officially confirmed its admission to AIM, a market operated by the London Stock Exchange plc under the ticker MYSL.

Local online shopping site MySale has raised over $70 million through its initial public offering (IPO). Here's what it plans to do with it.

MySale, responsible for local site Ozsale, was co-founded by Ragtrader Live speaker Carl Jackson, alongside with brother and chairman Jamie Jackson. They remain the majority shareholders in the company.

For more details and to book tickets to Ragtrader Live 2014, click here.

As reported on ragtrader.com.au, MySale recently received backing by Topshop boss Sir Philip Green, and confirmed its intention to list on the London Stock Exchange (Alternative Investment Market – AIM).

The company has now revealed that it has hit its intended IPO funds target of £40 million pounds – approximately AU$71,580,475.52 – through a placing of new shares (prior to deduction of associated fees, commissions and expenses).

The placing price has been set at 226 pence per ordinary share.

Based on the placing price, the market capitalisation of MySale on admission of the ordinary shares to trading on AIM becoming effective will be approximately £340 million pounds.

The company said the £40 million proceeds will be used for marketing initiatives and member acquisition when entering into new markets (initially this will be focused on the US and UK).

Funds will also be funnelled into capital expenditure in respect of the mechanisation and automation of its existing warehouses, opportunistic strategic acquisitions and additional working capital to support and implement the company's growth strategy.

On admission, the company will have 150,647,610 ordinary shares in issue and a free float of 41.2 per cent.

Admission and the commencement of dealings in the ordinary shares under the ticker MYSL are expected to take place at 8am on June 16, 2014.

Macquarie Capital is acting as financial adviser, NOMAD and joint broker to the Company. Zeus is acting as joint broker to the Company.

Commenting on the IPO, MySale executive director and vice-chairman of MySale Jamie Jackson said the process has been a success.

“We are delighted with the success of our initial public offering and we welcome our new shareholders. We look forward to keeping them up to date with our progress in the exciting times ahead as we continue to build on our leading position in Australia, New Zealand and South-East Asia and leverage this expertise across an expanding international footprint, starting this year in the US and UK ”

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