VC-backed Home24 sets IPO price range at €19.5-24.5

The company targets fixed proceeds of €150m from the primary placement, which will be used for further geographic expansion.

The primary offering consists of 7,692,307 shares and a primary greenshoe that will not exceed 15% of new shares.

VC firms Rocket Internet and Kinnevik hold stakes of 41% and 17% in the business, respectively, according to a statement. None of the existing shareholders plan to divest their shares in the IPO.

The first day of trading is scheduled for 15 June following an offer period from 4-13 June. Berenberg, Citigroup and Goldman Sachs International are acting as joint global coordinators and joint bookrunners for the flotation.

Home24 is an online furniture store based in Berlin. The company's platform combines two distinct business models. Its third-party and white-label business offers products for the home and living markets. These items are usually not kept in stock by Home24, minimising inventory risk. It also runs a private-label business, which features the bestsellers from other manufacturers.

The company increased its revenues to €85m in the first quarter of 2018, which corresponds to a growth rate of 30% year-on-year. For the same period, it reported an adjusted EBITDA margin of -6%, up from -32% in 2015.

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