Fruugo, which operates a high growth cross-border marketplace employing its own proprietary technology and data science, has announced its intention to seek admission of its shares to trading on AIM, a market of the London Stock Exchange. It aims to float in October.
Fruugo’s cross-border, cross-currency and multi-lingual technology enables shoppers in 42 countries around the world to buy products from its current roster of 1400 retailers, transacting in their own language and currency.
A principal objective of the IPO is to raise the funding and profile of the Company to fuel a significant increase in the rate of growth of new retailers using Fruugo. The IPO proceeds will be principally deployed to increase the speed and automation of onboarding thousands of additional online retailers onto the Fruugo platform, together with continued investment in the user experience for shoppers and CRM initiatives to increase operating performance.
The placing will consist of newly issued shares, as well as existing shares held by the Company’s current shareholders.
Dominic Allonby, Executive Chairman and co-founder, commented: “Fruugo has delivered very strong growth and strategic progress in recent years and we are delighted to announce our intention to float, signifying an exciting new chapter in the Group’s long-term development. Fruugo’s mission is simple: to enable shoppers everywhere to buy from retailers anywhere, and to enable retailers to access international demand for their products that they wouldn’t otherwise be able to do. Fruugo’s proprietary technology and SEO expertise, in combination with the huge range of product categories available through its platform, means that Fruugo is able to continually tap into worldwide consumer demand for sought after products and categories. The business is fast-growing, asset light, and built for scale. The IPO will enable the Group to invest further in its technology, including developing the user experience and onboarding process, to continue to achieve its significant growth potential from adding new retailers to the platform.”
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