Boozt.com: Ecommerce IPO Diagnostics June 2017
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On 31 May Boozt AB became the 47th company to list on Nasdaq Nordic in 2017.
Interestingly the company changed its business model to exclude mono-brand activities following two major setbacks in 2016 and 2017. Both setbacks were met by opening of physical stores, firstly a final discount outlet and secondly a Beauty By Boozt store selling beauty products (despite the company not stocking any significant range).
Its shares listed at the higher end of the marketed range and the listing valued the company at close to £300m (SEK 3.4bn). X-ratios were about 2.2 x revenues, 62x EBITDA and 239x PBT.
From its listing at SEK62 the share rose to a high of SEK81.50. However, our view is that the listing was over-priced when compared to Boohoo.com in the UK.
However, for the numerous companies in the UK waiting to list the Boozt listing should provide some welcome news and an interesting view on how to manage PR and take advantage of positive results.
Update 13/6/17: The Group Buying Director resigned.
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