Electricals giant AO.com moves closer to its stock market debut
ONLINE electricals website AO.com is set to reveal a price range this week for its initial public offering (IPO) that could value the group at around £1.2bn.
The Bolton-based group, which sells everything from fridges to microwaves, is seeking to raise £60m from its stock market debut and kicked off a bookbuilding process last week.
The price range is expected to be set as soon as Wednesday and the prospectus released soon after, with Jefferies, JP Morgan, Numis and Rothschild advising on the float.
Founded by chief executive John Roberts, who owns around 20 per cent of the company, AO claims to control a quarter of all online sales of major domestic appliances.
However the company has plans to move into new areas including smaller electrical goods, televisions, and is also eyeing a move into new markets such as Germany.
AO had revenues of £275.5m in the year to March 2013 – up by a third on the previous year – and is expected to report around £385m this year. It made £7.2m pre-tax profit in its last financial year.