(Reuters) – Mytheresa, a Munich-based luxury fashion platform, said Wednesday it raised $ 406.8 million in its first U.S. public offering (IPO), valuing the e-commerce site at $ 2.2 million. one billion.
The company said its offer of 15.6 million American investment shares (ADS) is priced at $ 26 per ADS, up from the previously planned range of $ 16 to $ 18 each.
Mytheresa, a digital platform that sells products from luxury fashion brands to customers such as Alexander McQueen, Fendi and Gucci, said in a statement that it sells around 13.6 million ADS and that the same shareholder would sell has 2 million ADS.
The company lists its shares on the New York stock exchange under the ticker symbol “MYTE” and will start trading on Thursday.
The outcome of the IPO is set to repay debts related to last year’s bankruptcy of Neiman Marcus’s grandparents.
Morgan Stanley & Co and JP Morgan Securities are the main subscribers to Mytheresa’s offer.
Reporting by Aishwarya Nair and Kanishka Singh in Bengaluru; Edited by Sherry Jacob-Phillips