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Highlights
- Fruugo, a Cumbria-based online shopping company, is all set to debut on the London Stock Exchange.
- The e-commerce company is working along with Panmure Gordon, an investment banking company, on its flotation plans.
- Fruugo's technology helps not only the small businesses and medium-sized retailers but international brands as well to market themselves on a global level.
Fruugo, a Cumbria-based online shopping company, is all set to debut on the London Stock Exchange (LSE). It joins the likes of Wise Plc (LON: WISE), THG Holdings (the owner of The Hut Group) (LON: THG), Revolution Beauty (LON:REVB), Darktrace Plc (LON: DARK), and Deliveroo Plc (LON: ROO) in the London tech listings rush. Fruugo is a growing marketplace, such as Farfetch and Etsy, intending to tap the public markets. The e-commerce company is working along with Panmure Gordon, an investment banking company, on its flotation plans. It intends to go public by the year-end or early next year. The initial public offerings (IPO) is likely to be valued at several hundred million pounds.
Robust sales
Fruugo, the global online marketplace platform, enables brands and retailers to connect with customers across 42 countries and is available in 28 languages. The company offers payments in over 31 currencies. Fruugo's technology helps not only the small businesses and medium-sized retailers but international brands as well to market themselves on a global level. The pandemic offered a much-needed boost to the company’s online marketplace format, especially when people were mostly shopping online. This resulted in robust growth in the company’s total sales transaction volumes. The company’s total transaction volumes through its platform more than doubled in 2020 to about £100 million.
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Robust growth in value and volume sales, and the rising demand for online shopping among consumers, are thus driving the company to realise its IPO dreams. Additionally, the company’s adequate technology background enables it to optimise operations and better cater to the needs of consumers and retailers, thus offering them a common platform to connect and work together.
Its history
Fruugo was established by Finland-based technology entrepreneurs in Helsinki in 2006. Dominic Allonby and Darren Naylor – the current directors of the e-commerce platform, acquired the business in 2012. The company’s headquarters were then shifted to Ulverston in Cumbria. The company has some of the UK’s most prominent retail executives as its investors. Lord Rose, the former Marks & Spencer (LON: MKS) executive who recently stepped down as Ocado (LON: OCDO), the online grocer’s Chairman, is a key investor in Fruugo.
Conclusion
The United Kingdom, despite the pandemic, has been witness to several tech-based IPOs in the last one year. One of the key factors driving this is the increased emphasis on the integration of technology across all industries and sectors. In the coming few months, we can expect to see more such companies rushing to get listed on the stock market.
