Zalando, the Berlin-based online retailer of footwear, lifestyle and sporting goods will start trading at the Frankfurt stock exchange tomorrow morning. With an initial price at €21.50 per share, ZAL was more than ten-times oversubscribed. The price, however, did not reach the top end of the initial range between €18.00 and €22.50.
For the initial public offering, 24.476.223 shares totaling €605 million were offered. This takes Zalando to the top of all IPO’s issued in Germany this year. Given the fact that only 11.3 percent of all shares were offered for public trade, the value of the company is now €5.35 billion.
All major current shareholders intend to keep their stocks, but their share will be reduced. Scandinavian investor Kinnevik’s share will go down to 31.6 percent from 35.6 percent. The share of Zalando’s founders, the Samwer brothers, goes down to 14.8 percent from 16.7 percent.