Online marketplace Fruugo joins London tech listings rush
Written by Hit Music Radio News on 22/08/2021
An online marketplace which counts one of Britain’s most prominent retail executives among its backers is to join rush of technology companies listing on the London Stock Exchange.
Sky News has learnt that Fruugo, which was founded in 2006, is preparing to launch an initial public offering (IPO) as soon as this autumn.
Bankers from Panmure Gordon have been hired to work on the flotation, according to City sources.
Fruugo’s technology enables small and medium-sized retailers as well as international brands to market themselves globally by acting as a platform in 28 languages and more than 30 currencies.
The company, which is run by Dominic Allonby, is one of a growing number of marketplaces, such as Etsy and Farfetch, deciding to tap public markets.
In London, companies such as THG Holdings, owner of The Hut Group, Revolution Beauty and Deliveroo have all floated in the last 12 months.
It was unclear this weekend how much Fruugo might seek to raise from an IPO, although one insider suggested it was likely to be valued at “several hundred million pounds”.
Total transaction volumes on its platform more than doubled last year to nearly £100m, according to sources close to Fruugo.
The company’s early investors include Lord Rose, the former Marks & Spencer boss who recently stepped down as chairman of Ocado, the online grocer.
A spokesman for Fruugo declined to comment on Sunday.
© Sky News 2020