Made.com sees JP Morgan exercise GBP5.8 million over-allotment option

(Alliance News) - Online furniture retailer Made.com Group PLC revealed on Friday that JP Morgan ...

Alliance News 16 July, 2021 | 10:00AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - Online furniture retailer Made.com Group PLC revealed on Friday that JP Morgan Securities PLC has exercised an over-allotment option over its shares worth around GBP5.8 million.

The over-allotment option was from Made's initial public offering last month, and saw the investment bank exercise its right to 2.9 million shares at 200 pence each.

As a result of the move by JP Morgan, the funds raised by Made in its IPO was increased to GBP199.6 million from the initial GBP193.8 million. This came from an additional 99.8 million shares being allotted, representing 26% of the 387.7 million shares originally placed. Made did not participate in the over-allotment of shares, it clarified.

Made was trading 0.5% higher at 199.00p each in London on Friday morning.

Made valued its initial public offering on London's Main Market at 200p per share, which gave the company a GBP775.3 million market capitalisation on admission.

The offer comprised of 50.0 million new shares to be issued by the firm, raising GBP100 million, and 46.9 million existing shares, meaning a total offer size of GBP193.8 million. Made had 387.7 million shares on admission.

The London-based firm sells its sofas, armchairs and other furniture in the UK, Germany, Switzerland, Austria, France, Belgium, Spain and the Netherlands through its eponymous website.

Helped by a boom in home improvement due to the Covid-19 pandemic, Made posted revenue growth of 17% in 2020 to GBP247.3 million. Its pretax loss narrowed to GBP14.2 million from GBP19.5 million in 2019.

By Will Paige; willpaige@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Made.com Group PLC

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures