Tags: farfetch | price | ipo | luxury

Online Luxury Goods Hub Farfetch Climbs After $885 Million IPO

IPO - Initial public offering words written on the chalkboard
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Friday, 21 September 2018 11:56 AM

Farfetch Ltd., which sells luxury clothing online, jumped as much as 46 percent in its trading debut after raising $885 million in an above-range U.S. initial public offering.

The London-based company’s shares opened at $27 Friday and rose to as high as $29.28. Farfetch and an existing stockholder sold 44.2 million shares Thursday at $20 each after marketing them for $17 to $19.

The shares, trading on the New York Stock Exchange under the symbol FTCH, were up 43 percent at 11:46 a.m., giving the company a market value of $8.3 billion.

Farfetch’s website helps global, deep-pocketed shoppers get their hands on high-end goods such as an $8,287 leopard-print coat or $980 sneakers.

The company also offers services that help sellers create content for online boutiques, manage product returns and analyze consumer data to determine pricing and inventory.

Farfetch had 935,772 active consumers as of Dec. 31, an increase of almost 44 percent from a year earlier, according to a regulatory filing.

It lost $58 million last year on $386 million of revenue. That compared with a net loss of $53 million on $242 million in sales in 2016.

Goldman Sachs Group Inc., JPMorgan Chase & Co., Allen & Co. and UBS Group AG led the offering.

© 2018 Thomson/Reuters. All rights reserved.

   
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Farfetch Ltd., which sells luxury clothing online, jumped as much as 46 percent in its trading debut after raising $885 million in an above-range U.S. initial public offering.
farfetch, price, ipo, luxury
207
2018-56-21
Friday, 21 September 2018 11:56 AM
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