Accel’s Showroomprivé to raise €373m in upcoming IPO

At €19.50-26.30 per share, the IPO could potentially net Showroomprivé €50m via the sale of new shares, as well as a further €176-248m in existing shares. In addition, a €30m package will be sold to Chinese fellow discount retailer Vipshop.

Put together and provided the 15% overallotment option is fully exercised, the flotation could generate a total of €373m in proceeds for Showroomprivé.

Goldman Sachs International and Deutsche Bank are acting as joint global coordinators for the flotation – the duo were also appointed as bookrunners, as were BNP Paribas and Societe Generale.

According to Showroomprivé, the listing will support its geographic expansion and build-up strategy, with €45m in new shares having been earmarked for long-term growth purposes.

The retailer is looking to double existing revenues up to the €750m mark by 2018, 25% of which should come from its operations outside France. According to its estimates, a 7.5-8% EBITDA margin should be attained by that year.

The listing comes more than five years after Accel Partners became a minority shareholder in Showroomprivé as it invested €37m in the business. The Silicon Valley-headquartered VC is expected to keep between 5.11-8.56% of the 31.25% stake it held prior to the IPO – the firm will enter a 180-day lock-up period for the sale of further shares. Meanwhile, the founders' joint shareholding will shrink from 58.79% to a minimum of 41.47% post-flotation.

Founded in 2006, Showroomprivé is an online retailer that brings together buyers looking to acquire fashion products at a 50-70% group discount. Headquartered in Saint Denis, the business services more than 20 million users in France and eight other European countries. With more than 700 employees, the retailer posted almost €350m in net revenues in 2014.

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