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Redbubble to raise $30 million through IPO

Creative online marketplace, Redbubble, is set to make its ASX debut on May 17 with a valuation of $267 million.

This week the company announced an Initial Public Offer (IPO) of shares in Redbubble at an offer price of $1.33 per share, which is expected to raise $30 million.

The funds raised will provide Redbubble with capital to enable it to pursue its growth strategy, while allowing early investors in Redbubble to realise some of their investment. Following completion of the offer, new shareholders will hold 14 per cent of the shares on issue.

“Redbubble has a strong track record of delivering growth,” Redbubble CEO and co-founder, Martin Hosking said. “In the half-year to end of December 2015 we had Gross Transaction Value of $80.6 million, representing growth of 55 per cent on a constant currency basis compared to the half year to the end of December 2014. We are forecasting full year GTV of $143.5 million for FY 2016.

“We’ve driven this growth by continuing to invest in marketplace fundamentals with a focus on geographic expansion, enhancing the website experience, growing the product offering and improving the experience for the artists. The funds raised will enable us to continue the investment into our people and systems.”

“I look forward to working with the team in implementing our growth strategy as we create a company of enduring value and true global significance out of Australia”.

The offer is fully underwritten by the Joint Lead Managers, Morgans Corporate Limited and Canaccord Genuity (Australia) Limited.

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