Luxury fashion platform Mytheresa valued at $2.2 bln in U.S. IPO

Munich-based luxury fashion platform Mytheresa said on Wednesday it raised $406.8 million in its U.S. initial public offering (IPO), valuing the e-commerce site at $2.2 billion. Morgan Stanley & Co and J.P. Morgan Securities are the lead underwriters on Mytheresa's offering.

Reuters | Updated: 21-01-2021 06:58 IST | Created: 21-01-2021 06:58 IST
Luxury fashion platform Mytheresa valued at $2.2 bln in U.S. IPO

Munich-based luxury fashion platform Mytheresa said on Wednesday it raised $406.8 million in its U.S. initial public offering (IPO), valuing the e-commerce site at $2.2 billion. The company said its offering of 15.6 million American depositary shares (ADS) is priced at $26 per ADS, up from its previously planned range of $16 to $18 apiece.

Mytheresa, a digital platform that sells products from luxury fashion brands to customers such as Alexander McQueen, Fendi and Gucci, said in a statement it is selling around 13.6 million ADS and its sole shareholder would sell 2 million ADS. The company will list its shares on the New York Stock Exchange under the ticker symbol "MYTE" and will begin trading on Thursday.

The IPO proceeds are earmarked to repay debt related to last year's bankruptcy of former parent Neiman Marcus. Morgan Stanley & Co and J.P. Morgan Securities are the lead underwriters on Mytheresa's offering.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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