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German fashion e-trader About You saw the ad at 23 eur / share – bookrunner



FILE PHOTO: The DAX chart of the German equity price index is pictured on the stock exchange in Frankfurt, Germany, May 17, 2021. REUTERS / Staff / File Photo

BERLIN (Reuters) – German fashion e-trader About You is expected to list its IPO at 23 euros per share, in the middle of its marketing range, bookkeepers organizing the deal said.

The Hamburg-based startup had set a price range of 21-26 euros per share and is expected to close its books on June 14 and debut on the Frankfurt Stock Exchange on June 16.

About You will sell new shares worth € 600 million ($ 731 million) via a private placement as part of its IPO, and invest the proceeds in its international expansion and business-to-business technology platform ( B2B).

The company, which operates in 23 European markets, competes with Zalando in consumer categories while its B2B platform pits it against Shopify, SAP and Salesforce.

About You, backed by mail order group Otto and Danish tycoon Anders Holch Povlson, plans to sell 28.6 million new shares as part of the private placement, while existing shareholders will sell 8.4 million shares additional, including an over-allotment option.

Its free float should be between 21.2% and 21.7% after listing.

Deutsche Bank, Goldman Sachs and JP Morgan act as joint global coordinators and joint bookkeepers, Numis Securities, Société Générale and UBS Investment Bank also act as joint bookkeepers.

($ 1 = 0.8205 euros)

Reporting by Arno Schuetze and Caroline Copley; Editing by Mark Potter

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