Online furniture retailer Made.com has announced its expected intention to float on the London Stock Exchange for £1bn.
Founded in the UK 11 years ago, the e-commerce retailer had already enlisted JP Morgan, Morgan Stanley, and Liberum this February to work on the plans for the IPO.
The group had been valued at £500m in an investment round backed by Capital World three years ago.
However, Made.com’s valuation has since spiked with the sector “shifting steadily online” due to both Covid-19 restrictions and retail consumption habits.
Philippe Chainieux, CEO at Made.com, said: “Made.com has been revolutionising the home and living sector for the last eleven years. Founded in the UK, it is now the leading digitally native lifestyle brand in a sector that is shifting steadily online.
“The business is powered by a technology platform that connects independent designers and makers, allowing us to develop our exclusive product offering.”
He added: “The business is fast growing and we have demonstrated the capacity of our brand and customer proposition to travel well.
“Around half of our sales are outside of the UK and we are aiming to be the leading home destination in Europe for the digital native.”
Made.com reported a £19.3m loss in FY19, despite the firm’s sales rising 22% year-on-year to £211.8m in the period.