Ocado, the British online supermarket and technology group, plans to raise 1 billion pounds ($1.3 billion), giving it more firepower to capitalize on the rapid growth of the online grocery market triggered by the coronavirus crisis.

The group said on Wednesday it would raise about 657 million pounds through an equity placing and retail offer and about 350 million pounds through the issue of guaranteed senior unsecured convertible bonds due 2027.

Internet retailers and supermarkets have seen delivery orders rocket in recent months as lockdown measures have kept people indoors.

The firm is launching a major fundraising bid to rapidly expand both its own internet sales operation and the production of robot factories for supermarkets worldwide to capitalize on surging demand for home deliveries.

Ocado has no retail stores but sells grocery items via its website and app, using state-of-the-art robot warehouses for packaging and dispatching customer's order.

Chief executive Tim Steiner believes that many shoppers forced to buy food over the web during lockdown will now permanently stay away from physical stores - giving his firm a golden opportunity to dominate the market as grocers adapt.

#OnlineShopping #Ocado #Kalkine



The video has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. The above video is NOT a solicitation or recommendation to buy, sell or hold the stock of the company (or companies) under discussion. Kalkine does not in any way endorse or recommend individuals, products or services that may be discussed on this site.


We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK