German Internet Furniture Company Westwing will Launch IPO in Second Half of 2018 with a Target Valuation of 450M €

Founded in 2011, Westwing is an Internet furniture company based in Munich, Germany. Currently, it has operations in the furniture market in 11 countries in Europe.

According to insiders, Westwing, an Internet furniture startup backed by the well-known European e-commerce investment agency and incubator Rocket Internet, is preparing for the IPO on the Frankfurt Stock Exchange later this year.

 

Westwing was preparing to conduct an IPO in the second half of 2015, but the plan was stranded. This time, the company hired Citibank and Germany's Belemberg Bank to take charge of the IPO preparations. According to insiders, the goal of Westwing is to raise 100 million to 150 million euros of capital, and the company's valuation will reach about 400 million to 450 million euros. A spokesperson for Westwing said it will be available when the right time comes, about when there is no time pressure on the IPO.

 

Founded in 2011, Westwing is an Internet furniture company based in Munich, Germany. Currently, it has operations in the furniture market in 11 countries in Europe.

 

Westwing's business model is also very special, they provide discounted and attractive furniture flash purchases for registered members of the website every day, but the company does not have any excess inventory. The company has maintained rapid growth since its inception and has now entered into partnerships with more than 4,900 brands and has a well-established international distribution channel. Rocket Internet, which helps Westwing incubate, currently holds 32% of its equity. Other investors include: Investment AB Kinnevik, Access Industries, Summit Partners, Tengelmann Ventures, Fidelity Worldwide Investment and Odey.

 

 

Westwing has annual sales of more than 250 million euros. However, the company’s earnings report last year showed that the company still suffered losses. Last year's EBITDA had a loss of 4.9 million euros and total sales of 266 million euros. The adjusted EBITDA loss for the first quarter of this year was 1.2 million euros. Last month, Westwing CEO Stefan Smalla said the company will streamline its operations and is in talks with potential buyers about its acquisitions outside of Europe.

 

Rocket Internet is a venture capital and incubator company established in 2007. Headquartered in Berlin, Germany, Rocket Internet provides e-commerce technology consulting and capital operation services for companies at home and abroad. They quickly developed through the successful cloning of some successful e-commerce models, and successfully listed in 2014, ranking among the largest Internet-listed companies in Europe.

 

In June of this year, Rocket Internet promoted its German furniture retailer Home24, although Home24's recent share price has declined, but still higher than the issue price.

 

 

(Source: JJGLE.COM)

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