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Farfetch CEO, José Neves, is congratulated at the IPO of his company on the New York Stock Exchange (NYSE) in New York on September 21, 2018.
Photo:
Brendan Mcdermid / Reuters
farfetch
Ltd.
FTCH 42.25%
Shares rose in the US trading debut of the online luxury goods company Friday, making it the latest technology-driven company to see strong investor interest in its stock offering.
Shares have recently risen 46 percent to $ 29.25 from the London-based company's $ 20 initial offering price. The title gained up to 53% during the trading day.
Wednesday, Farfetch raised its target price range between $ 17 and $ 19 per share, while its original target was between $ 15 and $ 17 per share.
The New York Stock Exchange was decorated for the initial public offering of Farfetch, the online luxury goods company. Farfetch's stock rose on Friday as it debuted on the market.
Photo:
Richard B. Levine / Zuma Press
During the IPO, the company sold 33.6 million Class A shares, while existing shareholders sold 10.6 million shares. Farfetch trades under the symbol FTCH on the New York Stock Exchange.
The company, founded in 2007, proposed a two-class share structure, with its Class A shares yielding one vote per share versus 20 votes per Class B share. José Neves, founder and chief executive officer of the company, retains the control of the company through the ownership of class B shares.
Farfetch follows technology companies such as eventbrite ticketing and event platform operator Inc. and Dropbox Inc. Web Storage and Collaboration Company to see significant gains from the first day of trading. . While the IPO in the United States is at its highest level since 2014, investors who are interested in Farfetch, according to Dealogic, also rely on the growth of the digital market of high-end products.
As of June 30, 989 retailers and luxury brands were selling their products directly in the Farfetch market, the company said in a securities depository. In 2017, Farfetch 's revenue rose 60% over the previous year to reach $ 386 million. Last year, Farfetch processed approximately $ 909.8 million worth of merchandise orders, up 55% from 2016.
Farfetch also reported a steady growth in the number of people buying items such as accessories and clothing on the platform. The company had approximately 1.1 million active consumers as of June 30, compared with 936,000 as of December 31 and approximately 652,000 as of the end of 2016.
Write to Kimberly Chin at [email protected]
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