Farfetch, a global online marketplace for luxury fashion brands and retailers, raised the proposed deal size for its upcoming IPO on Wednesday.
The London, United Kingdom-based company now plans to raise $796 million by offering 44.2 million shares (24% insider) at a price range of $17 to $19. The company had previously filed to offer 37.5 million shares at a range of $15 to $17. At the midpoint of the revised range, Farfetch will raise 33% more in proceeds than previously anticipated. Groupe Artemis plans to purchase up to $50 million of the IPO (6%). Insider JD.com plans to invest $25 million in a concurrent private placement.
Farfetch was founded in 2008 And booked $481 million in revenue for the 12 months ended June 30, 2018. It plans to list on the NYSE under the symbol FTCH. Goldman Sachs, J.P. Morgan, Allen & Company, UBS Investment Bank, Credit Suisse, Deutsche Bank and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of September 17, 2018.
