Luxury clothing platform Farfetch racks up US$885mln in its IPO, shares surge double digits

Farfetch Ltd (NYSE:FTCH) made its public debut Friday on the New York Stock Exchange.

The London-based e-commerce retailer operates a fashion platform, offering luxury brands from well-established brands like Chanel and Gucci as well as on-the-rise designers like Alessandra Rich and Wandler.

The company priced its 44.2 million shares above guidance at US$20 each, raising a total of US$885mln.

Its market valuation is estimated to be around US$6.2bn.

The retailer’s shares began trading 35% higher at US$27, surging nearly 50% to US$29.63 in afternoon trading.

Farfetch’s initial plan was to offer 37.5mln shares priced between US$15 and US$17, but later upped its price range to fall between US$17 and US$19 per share.

The platform had a total of 935,772 active user as of December 31, according to a regulatory filing.

–Updated to include recent share price

Story by ProactiveInvestors