Frankfort (Dow Jones) – After lowered offer price to fashion retailer Global Fashion Group, enough investors have found its IPO, but there is still to be a cut. The company said that, at a price lower than $ 4.50, 44 million shares would be put in, which included a capital increase of € 40 million. Thus, the IPO comes in less than 200 million euros.
Just a few days back, the fashion retailer announced that it would sell 51 million shares in the IPO, which would be volume 230 million euros, while the original target was 394 million euros.
The IPO was only successful as the two main shareholders promised to give fresh money to the fashion retailer and now they have to deliver it if the demand for the IPO is very low. Share will be allocated for Kenyan Webc for Internet and Rocket Internet A with 60 million and about 50 million euros. The first trading day should change on July 2.
Global fashion wants to use revenues for investment, for example in the technical platform. The online fashion and lifestyle retailer works in 17 countries in Asia-Pacific, Latin America and Commonwealth of Independent States (CIS) and employs up to 10,000 people.
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Darren / Jhe
(END) Dow Jones Newswire
June 29, 2019 15:25 ET (19:25 GMT)