8th Sep 2021 14:03
Fruugo.com Ltd - Ulverston, Cumbria-headquartered cross-border marketplace platform - Is planning an initial public offering for early October on London's AIM. It remains unclear as to how much Fruugo will seek to raise from the listing, although though Sky News reported last month it could fetch a valuation of several hundred million pounds.
Executive Chair & Co-Founder Dominic Allonby comments: "Fruugo has delivered very strong
growth and strategic progress in recent years and we are delighted to announce our intention to float, signifying an exciting new chapter in the group's long-term development.
"The IPO will enable the group to invest further in its technology, including developing the user experience and onboarding process, to continue to achieve its significant growth potential from adding new retailers to the platform."
Founded in 2006, Fruugo is a localised online marketplace where customers can buy products from retailers all around the world. The tech startup lets small and medium-sized retailers market themselves globally by acting as a digital platform with operations in 46 countries.
The company, which was started by Allonby, will join a growing number of tech firms, including Wise PLC, Darktrace PLC and Deliveroo PLC, to have listed in the City this year.
Panmure Gordon is acting as adviser and sole broker for the float while Rothschild & Co is acting as financial adviser to Fruugo.
By Will Paige; [email protected]
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