REDBUBBLE COMPLETES IPO

Written on the 12 May 2016 by Melbourne Business News

REDBUBBLE COMPLETES IPO CREATIVE marketplace Redbubble has completed its IPO and is ready to list on the ASX on Monday.

The offer of $1.33 per share was multiple times oversubscribed and has valued the Melbourne company at $267 million.

It included the sale of approximately 7.4 million existing shares, which were largely the sale of a small portion of shares held by early investors, and the issue of 22.6 million new shares.

Existing shareholders will hold approximately 71 per cent of Redbubble, with the remaining shares held by new shareholders though the IPO.

Redbubble CEO and co-founder Martin Hosking says Redbubble began 10 years ago to help independent artists reach new markets and its mission has never changed.

Now, Redbubble's global online marketplace is home to 399,000-plus independent artists selling everything from apparel to homewares and wall art.

"Since then, Redbubble has been propelled by a wave of consumers seeking more meaningful and distinctive products and the ever-increasing possibilities of print-on-demand technologies," says Hosking.

"These two core enablers, harnessed by our exceptional team have evolved Redbubble into Australia's leading global consumer internet company and today, an ASX listed company.

"Today's listing is a milestone on a much longer journey for Redbubble. Our mission is to create the world's largest marketplace for independent artists and we believe we are well positioned to further enhance our position and value to Redbubble artists, consumers and shareholders."

Redbubble is anticipated to begin trading on the ASX under the ticker of RBL at midday Monday. Holding statements are expected to be dispatched on Tuesday and Redbubble shares are expected to commence trading on a normal settlement basis on Wednesday.

The IPO was underwritten by Canaccord Genuity (Australia) Limited and Morgans Corporate Limited. EM Advisory was corporate advisor to Redbubble for the IPO.



Author: Melbourne Business News Connect via: Twitter

Latest News

CROMWELL CALLS FOR FULL DISCLOSURE FROM INVESTA

CROMWELL Property Group (ASX:CRM) has claimed Investa Office Fund (ASX:IOF) has not disclosed material information ab...

FRAUD CAUSES SILVER CHEF PROFIT SLIDE

EQUIPMENT financier Silver Chef (ASX:SIV) has seen its half-year profit slide due to fraud.

The Brisbane company r...

MEGAPORT QUADRUPLES REVENUE AND INVESTS IN EXPANSION

MEGAPORT (ASX: MP1) increased revenue 345 per cent to $4.46 million in the six months to 31 December 2016, the com...

IN-STORE VETS BOOST GREENCROSS' PROFIT

GREENCROSS Limited (ASX: GXL) shares lifted 5 per cent in trading today after the Brisbane-based company posted a ...

Related News

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

TEST DRIVE A POST GRAD AT BOND

THERE'S only one way to really move your career into the fast lane, says Bond University, and 'test driving...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter