BERLIN (Reuters) - Germany’s Home24 is planning a stock market listing in Frankfurt aiming to raise up to 200 million euros ($236 million), the online furniture retailer said on Friday.
Launched in 2009 in Berlin, the loss-making firm delivers furniture in seven European markets, plus Brazil.
Home24 said it plans to use the proceeds of its listing to invest in property, equipment and technology and to repay outstanding debt.
It did not specify when the listing was expected to occur but typically IPOs occur around four weeks after they are announced.
Home24 had hoped that online sales of furniture would grow as fast as those of fashion, but growth has been slower and much larger players such as IKEA are now investing heavily in ecommerce.
German online sales of furniture rose 11.6 percent in 2017, according to the German retail association.
Home24 reported a 22 million euro loss before interest, taxation, depreciation and amortization on 2017 sales up 13 percent to 276 million euros.
In the first quarter of this year, revenue rose to 85 million euros, up 30 percent at constant exchange rates, it said on Friday.
Home24 stakeholder Rocket Internet last year listed its two biggest investments, online food sites HelloFresh and Delivery Hero and both have since seen their share prices soar.
Berenberg, Citigroup, and Goldman Sachs International are acting as joint global coordinators and joint bookrunners for the listing.
When Home24 last raised capital in 2016, its valuation was slashed by more than half to 420 million euros.
Reporting by Emma Thomasson and Hans Seidenstucker; editing by Tom Sims and Jason Neely