An online marketplace has confirmed plans to enter the London Stock Exchange’s AIM secondary market next month.
Fruugo, headquartered in Cumbria, enables retailers to drive sales to buyers in up to 42 countries currently, operating in 28 languages and 31 currencies.
The company currently hosts approximately 1,400 retailers on its platform.
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In a statement, the company said the main objective of the IPO is to increase funding and the profile of the company to “fuel a significant increase” in the growth rate of new retailers using Fruugo.
Proceeds from the IPO will be “primarily deployed to increase the speed and automation of the onboarding of thousands of additional online retailers on the Fruugo platform,” as well as continued investment in user experience for buyers and CRM initiatives to increase operational performance.
The placement will consist of newly issued shares, as well as existing shares held by current shareholders of the company.
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Admission to AIM is expected to take place in early October.
Dominic Allonby, Executive Chairman and Co-Founder, said: “Fruugo has experienced very strong growth and strategic progress in recent years and we are delighted to announce our intention to float, signifying an exciting new chapter in the long-term development. term of the Group.
“Fruugo’s mission is simple: to enable buyers around the world to buy from retailers anywhere, and to enable retailers to access the international demand for their products, which they could not do otherwise.
“Fruugo’s proprietary technology and SEO expertise, combined with the wide range of product categories available through its platform, means that Fruugo is able to continuously tap the demand of consumers around the world for products and categories sought. , and built for scale.
“The IPO will allow the group to invest more in its technology, in particular by developing the user experience and the integration process, to continue to realize its significant growth potential by adding new retailers to the platform.
Panmure Gordon (UK) acts as appointed adviser and sole broker with respect to the proposed placement and admission.
NM Rothschild & Sons acts as financial advisor to Fruugo.
The Ulverston-based Fruugo Board of Directors includes Mr. Allonby, CEO Tony Preedy, CFO Guy Bagshaw, former CFO of Asda Rob McWilliam, Tech Nation chief executive Liz Scott, the Director of NM Rothschild Andy Thomas and former CEO of N Brown Alan White.