Genui-backed Fashionette sets IPO price range

The company intends to list on the Frankfurt Stock Exchange. The offer period is expected to begin on 21 October and to end on 27 October, with the final offer price and number of shares sold to be confirmed on the final day.

Hauck & Aufhäuser is acting as global coordinator and bookrunner.

According to a statement, the IPO is set to comprise a total of 3,605,000 shares, including 1,200,000 new shares from a capital increase against cash contributions. The total shares will also comprise 1,500,000 existing shares from Genui in a base deal and 500,000 existing shares from the GP in connection with an upsize option that is subject to market demand on the date of pricing. It will also comprise 405,000 additional existing shares in connection with an overallotment option.

The total value of the IPO will therefore range between €108m and €137m. This will generate proceeds of €36-46m for Fashionette, which it intends to invest in its growth.

Following the IPO, Fashionette expects to have a market capitalisation of €186-236m, according to the same statement.

Genui invested in Fashionette in September 2015, acquiring a 75% stake in the business. Fashionette's previous backers, Sirius Venture Partners, Astutia Ventures and NRW Bank, sold their stakes in the company as part of the transaction. Genui deployed equity via its debut fund which held a final close in July 2016 on €407m.

Established in 2008, Fashionette sells luxury fashion accessories via its online platform, focusing on consumers in the DACH region. The company reported €73.2m in revenues and €6.8m in EBITDA in 2019, resulting in an EBITDA margin of 9.3%. It reported reveneus of €24m in 2014, at the time of Genui's original investment.

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