British Brent Hoberman, Co-Founder of PROfounders Capital, Chairman of made.com and Founder and Chairman of mydeco.com
Eric Piermont I AFP | Getty Images
LONDON — British online furniture seller Made.com announced Tuesday that it plans to float at least 25% of its shares on the London Stock Exchange.
The London-based company — co-founded in 2010 by entrepreneurs Li Ning, Brent Hoberman, Julien Callede and Chloe Macintosh — is aiming to raise approximately £100 million ($141 million) by selling new shares, while existing shareholders will also offload some of their stock.
Made did not disclose how much it will sell its shares for or the valuation it is targeting, but reports have put it at around £1 billion.
The company said it will use the new funding to expand into the eight markets it already operates in and reduce the lead times on its products, which include coffee tables, chairs, beds and sofas.
The listing comes after Covid-19 lockdowns forced people across Europe to shop online for their furniture while physical stores were closed.
Made said its gross U.K. sales climbed to £165 million in 2020, while gross sales in continental Europe were up to £150 million.
Philippe Chainieux, CEO of Made.com, said in a statement: “The business is fast growing and we have demonstrated the capacity of our brand and customer proposition to travel well.”
“Around half of our sales are outside of the UK and we are aiming to be the leading home destination in Europe for the digital native,” he added.
J.P. Morgan and Morgan Stanley have been appointed as the joint co-ordinators and joint bookrunners of the listing.
Other tech companies that have listed on the London stock market this year include food delivery firm Deliveroo, cyber security start-up Darktrace, and online greeting card seller Moonpig. Canadian chip designer Alphawave IP also floated on the London Stock Exchange.