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Global marketplace operator Fruugo to float on AIM

The company's technology enables shoppers from around the world to buy products from retailers around the world, transacting in their own language and currency

Global marketplace operator Fruugo to float on AIM
Image source. Fruugo.com

Fruugo.com Ltd said it plans to list on AIM through a placing of new and existing shares.

The company said it operates a high-growth and profitable global cross-border marketplace where shoppers from around the world can buy products from retailers around the world, transacting in their own language and currency.

It hosts approximately 1,400 retailers on its platform. Fruugo’s technology enables them to generate sales to shoppers in up to 42 countries currently, operating in 28 languages and 31 currencies.

The company said the IPO is aimed at raising funding and its profile in order to significantly increase the rate of growth of new retailers.

The proceeds from the IPO will be used to increase the speed and automation of onboarding thousands of additional online retailers onto the Fruugo platform, together with continued investment in the user experience for shoppers and customer relationship management (CRM) initiatives to increase operating performance, the company said.

Commenting on the listing plans, Fruugo’s executive chairman and co-founder Dominic Allonby said: "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."

He said Fruugo's proprietary technology and SEO expertise means it is able to continually tap into worldwide consumer demand for sought-after products and categories.

“The business is fast-growing, asset light, and built for scale,” he added.

"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."

Panmure Gordon (UK) Limited is acting as nominated adviser and sole broker in relation to the proposed placing.

Trading on AIM is expected to start in early October.

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