(Reuters) – Mytheresa shares soared more than 37% in their US market debut on Thursday, giving the German online luxury fashion retailer a market value of $ 3.08 billion.
American storage stock Mytheresa (ADS) opened at $ 35.85, well above their $ 26 respective initial public offering (IPO) price. The company had previously targeted a $ 16 to $ 18 price range.
The Munich-based company, which sells products from brands such as Alexander McQueen, Fendi and Gucci, offered 15.6 million ADS in its IPO, raising $ 406.8 million.
The company was founded as a fashion store more than 30 years ago by Susanne and Christoph Botschen, who launched its online version in 2006 and sold the business to luxury department chain Neiman Marcus in 2014.
The IPO comes at a time when restrictions to stop the spread of the COVID-19 pandemic have led to an e-commerce boom, with online luxury retailers seeing a surge in sales.
Mytheresa posted net revenue of 6.4 million euros ($ 7.77 million) from net sales of 449.5 million euros ($ 545.42 million) in fiscal 2020.
The platform has more than 486,000 active subscribers during the same period. (bit.ly/3c33Rcf)
Part of the proceeds from the IPO will be used to pay off debts related to last year’s bankruptcy of former parent company Neiman Marcus.
Morgan Stanley & Co and JP Morgan Securities are the main underwriters for the offering.
($ 1 = 0.8241 euros)
Reporting by Sohini Podder in Bengaluru; Edited by Maju Samuel and Ramakrishnan M.