REDBUBBLE COMPLETES IPO
Written on the 12 May 2016 by Melbourne Business News
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