Singapore-based iFashion Group is looking to raise an IPO by this year-end. It aims to raise $10 million in the initial public offering and expects to be valued at $40-50 million in terms of market capital. The company has been planning to go public for quite a while, and it seemed to be possible in April or May. But in a report by DealStreetAsia, Fatfish Internet Group-backed firm has delayed the plan till year-end.
The Group has been making a string of acquisitions in the past few months including Megafash, O2O fashion marketplace Dressabelle, online marketplace for retail space INVADE, and Malaysian fashion brand NOSE. It aims to continue doing this, before debuting on a stock market exchange. However, previously iFashion’s CEO Jeremy Khoo was quoted saying they won’t go ahead with more acquisitions, focus on the internal expansion of current brands, and pursue M&A post-public debut.
Initially, it seemed keen on listing in Singapore, Hong Kong or most probably Australia, but Kin-Wai Lau, Co-founder, iFashion Group, and CEO at Fatfish Internet Group said Australia may or may not happen. Instead, the company is targeting a European Stock Exchange, such as on UK’s or Germany’s.
The firm will most probably appoint a boutique investment bank for the IPO. It is in conversation with a few, however, none has been finalized yet, since there is still time in raising the IPO.
iFashion is particularly Singapore-focussed, but the company after the IPO-fundraise plans to expand vigorously in the Southeast Asian region. They wish to venture more on the regional expansion side, and direct its attention at markets like Indonesia and Malaysia. Lau had mentioned,
We are interested in looking at Indonesia and Malaysia. So we are very focussed in looking at ecommerce, lifestyle and fashion. That is the vertical that we are looking at.