Local online shopping club MySale is on track to execute an initial public offering (IPO), following recent backing by billionaire Sir Philip Green.
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.
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As reported on ragtrader.com.au, the Australian-based flash sale site recently sold a 25 per cent stake of the business to Green, who is also CEO of the Arcadia Group which includes Topshop.
The company has revealed that it intends to proceed with an IPO and to apply for admission of the issued and to be issued ordinary shares of the company to trading on the London Stock Exchange (Alternative Investment Market – AIM).
The company is currently seeking admission and is expected to raise approximately 40 million pounds – approximately AU$72,010 – through a placing of new shares (prior to deduction of associated fees, commissions and expenses).
Macquarie Capital (Europe) Limited is acting as Nominated Adviser, Joint Broker and Joint Bookrunner. Zeus Capital Limited is acting as Joint Broker and Joint Bookrunner.
Admission is expected to occur on or around June 16, 2014.
Commenting on their decision to forge ahead with the IPO, Jamie Jackson thanked investors in the company and said he is looking forward to the “exciting opportunities” ahead.
“Since it was founded in 2007, the group has grown year-on-year to become the largest flash sale retailer across the Asia-Pacific region.
"With this proven track record and an experienced management team I look forward to taking advantage of the exciting opportunities ahead as we bring the group to AIM.
“I am delighted to welcome the cornerstone investment from Shelton Capital Limited which provides us with unique access to additional brands, manufacturing facilities, industry relationships and a global retail network.”
Carl Jackson added that the listing heralds a new era in the growth of the business.
“Mysale comes to the market as the first global international flash sale retailer of scale. Having built a growing and profitable business from our established sites in Australia, New Zealand and South-East Asia, we have now established an office in the UK to take advantage of the significant opportunities available to us in the US and UK markets,” he said.
“This is an exciting time for MySale as we continue to invest in the technology platform, supplier relationships and logistics that make MySale such a compelling proposition to our members.”
MySale is an online retailer with established flash sales sites in Australia, New Zealand and South-East Asia and an expanding international presence in the US and UK.
Founded in 2007, MySale has achieved a track record of growth in each financial year to date.
As at May 14, 2014, the group had approximately 795,000 active members across its eleven established online sites (including desktop and mobile platforms) in Australia, New Zealand, Singapore, Malaysia, Thailand, the Philippines, Hong Kong, South Korea and the US.