The first day listing of Europe's biggest online fashion retailer Zalando’s shares, saw it rising by as much as 12 percent in its debut on the Frankfurt Stock Exchange.
In early morning trade, shares of the Berlin-based Zalando which had priced the shares in its IPO at Euro 21.50 were trading at Euro 24.10 each.The first day listing of Europe's biggest online fashion retailer Zalando's shares, saw it rising by as much as 12 percent in its debut on the #
However, in the morning itself, it pared gains and was trading at Euro 22.35 later on.
The debut share price valued the online retailer at Euro 6 billion or $7.6 billion and which is also considered one of Germany's biggest technology IPO in recent years.
Zalando had marketed the shares at between Euro 18 and 22.50 each, with the IPO getting oversubscribed by several times at the higher end, due to strong investor demand.
The sale of 24.5 million Zalando shares is anticipated to raise more than Euro 600 million.
Zaliando’s listing is followed on Thursday by listing of Rocket Internet, a Berlin-based start-up incubator and venture capital group, which also helped to launch Zalando.
Rocket Internet brought forward its flotation by a week due to strong demand and is expected to be Germany‘s biggest stock offering this year.
For the first half of 2014, Zalando said revenues grew by 29.5 percent to Euro 1,047 million compared with Euro 809 million in the comparable period of 2013.
In the same period, EBIT too improved significantly, with a positive EBIT margin of 1.2 percent versus a negative 8.9 percent in the first six months of 2013. (AR)
Fibre2fashion News Desk - India
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