Accel’s Showroomprivé lists in €660m IPO

The IPO was priced at €19.50 per share – the lower end of the €19.50-26.30 range revealed last week. Showroomprivé expects to commence trading on the Paris stock exchange on 3 November.

At the time of the pricing range announcement, the business stated it was looking to reap a maximum of €373m in proceeds via the flotation. The €256m eventually raised in the IPO includes €50m in newly created shares and a further €176m in existing stock, which could increase by €34m should the overallotment option be fully exercised.

In addition, a €30m package will be sold to Chinese cornerstone investor and fellow discount retailer Vipshop; the corporate will see one of its managers join Showroomprivé's board post-flotation.

Goldman Sachs International and Deutsche Bank acted as joint global coordinators for the flotation. The two firms were also appointed as bookrunners, as were BNP Paribas and Societe Generale.

Showroomprivé stated the listing would finance 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 5.16-8.64% of the 31.25% stake it held prior to the IPO – the firm has entered a 180-day lock-up on the sale of further shares. Meanwhile, the founders' joint shareholding will shrink from 58.79% to a minimum of 41.86% post-flotation.

Company
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 has 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.

People
David Dayan and Thierry Petit are co-founders and co-CEOs of Showroomprivé.

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