MyDeal completes IPO as sales surge 317 per cent
MyDeal shares have begun trading on the ASX after a successful IPO raised $40 million to fund expansion, valuing the company at $258.8 million.
The online marketplace which specialises in furniture and homewares, plans to expand MyDeal’s private-label business, develop apps to expand its digital sales outside its core website and launch advertising campaigns.
“Today is an important milestone for MyDeal, however, this is still the beginning of our journey,” said CEO and MD, Sean Senvirtne, referring to the listing.
Sales by MyDeal reached $56.7 million in the first quarter, a record for the company and reflecting 37 per cent month-on-month growth and 317 per cent year on year.
The company is confident strong sales growth will continue through the second quarter into the Christmas trading period, with MyDeal well placed to benefit from key online sale events such as Black Friday, Cyber Monday and Click Frenzy.
The number of active customers grew from 181,945 at the end of September last year to 669,897 as at last September 30, representing an increase of about 270 per cent.