Online UK marketplace Fruugo plans IPO
Fruugo, an online marketplace that’s originally from Finland, is said to be planning to launch an initial public offering (IPO). The UK-based ecommerce platform should go public as soon as this fall.
Fruugo is one of many popular online marketplaces in Europe. It was founded in Finland in 2006, but but after some financial troubles, the company shut down its office in Helsinki in 2012. It’s now a UK-based company that operates in over 46 countries across the world.
Marketplaces going public
Things are looking far more positive in 2021, as Sky News reports the online marketplace, together with bankers from Panmure Gordon, is busy planning an IPO. It follows in the footsteps of other marketplaces that decided to tap public markets. For example, Etsy held its initial public offering in April 2015, while Farfetch did the same in September 2018.
It’s still unknown how much money Fruugo is hoping to raise from the IPO, but according to Sky News reports suggest it could be as much as several hundred million pounds (at the moment, 100 pound is 116 euros).
Fruugo is one of the fastest-growing companies in Europe.
Fruugo is an online marketplace that lets small and medium-sized retailers sell to customers all around the world. The platform is available in 28 languages and covers over 30 different currencies. Eerlier this year, the Financial Times listed Fruugo as number 285 on a list of fastest-growing companies in Europe.
Total transaction volumes doubled
According to sources close to Fruugo, the company’s total transaction volumes on its platform more than doubled last year to almost 116 million euros.