Farfetch commences its $5bn Initial Public Offering
London-based global luxury platform Farfetch has commenced its IPO on the New York Stock Exchange, the company has announced in a statement.
The business, which last month applied to float Class A shares on the stock exchange, is listing 37,503,501 Class A ordinary shares. Of these 30,056,495 are being offered by Farfetch itself and 7,447,006 by certain selling shareholders. It is estimated they will be priced at between $15 and $17 per share.
The underwriters of the offering will also have a 30-day option to purchase up to an additional 5,625,525 Class A ordinary shares from Farfetch at the initial public offering price.
Last month Farfetch announced it was applying to float, and trade under the ticker "FTCH", but did not disclose the number of shares it was planning to issue or the price.
Farfetch was founded in London by entrepreneur Jose Neves in 2007 as a platform uniting luxury fashion boutiques in one online space. Today it has almost 500 boutique partners globally, as long as 200 direct partner brands such as Burberry and Chanel. It is working with the latter on its Store of the Future technology, as opposed to its online offer, to augment the Chanel boutique experience.