ITALY - 360 Capital, Balderton-backed Yoox IPO raises EUR 27m

Balderton has sold as many as 3.9 million Yoox shares in the IPO, while 360 Capital is said to have exited two thirds of its stake in the business.

The fashion retailer has issued 6 million new shares at an average price of EUR4.3 per unit. Profits from the offering will be re-invested in the business, which expects to distribute dividends in a couple of years time.

Yoox sells fashion clothes and accessories on the internet and operates the online retail websites of designer brands such as Emporio Armani, Valentino and Marni. Yoox chairman Federico Marchetti has also cut his holding in the business to 4.8% from 9.8%, selling almost 2.5 million shares at EUR4.3 each. He retains some 2.4 million shares and has options entitling him to additional stock that may up his stake.

In 2003, Benchmark participated in a EUR6.5m round of funding for the company. The Milan-based firms Net Partners Ventures and Pino Venture Partners provided initial seed funding for Yoox in 2000 and 2001, investing €13m. Other undisclosed investors also provided an additional EUR2m to the business.

Mediobanca SpA and Goldman Sachs are managing the IPO.

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