Kinnevik, Rocket step in to rescue GFG's IPO

By Aidan Gregory
26 Jun 2019

Global Fashion Group, the emerging markets-focused online fashion retailer, has restructured its IPO on the Frankfurt Stock Exchange in the face of tepid investor demand, having dropped the price to €4.50, below the initial €6 to €8 range, and extended the bookbuilding process by two working days. The two largest shareholders in the company will also now buy half the shares on offer.

Kinnevik, the largest shareholder, and the second biggest investor in the company Rocket Internet, will now also buy €100m of shares as part of the IPO – half the base deal size at the new offer price. Kinnevik already owns 36.8% of the company and Rocket has a ...

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