Mytheresa, the Munich, Germany-based online luxury fashion retailer, previously owned by the Dallas, Texas-based bankrupted luxury departmental store chain Neiman Marcus, said on Tuesday that the e-commerce platform had been seeking to raise as much as $282 million at its planned US IPO (Initial Public Offerings), which in effect would value the German luxury fashion retailer at around $1.58 billion.
Aside from that, in a regulatory filing with the US SEC (Securities and Exchange Commission), the Munich-based online fashion retailer was quoted saying that the company was looking to sell about 15.6 million ADS (American Depository Shares), while Mytheresa had tagged its IPO pricing between $16 to $18 per share.
Mytheresa seeks to raise $1.58bn in US IPO to repay debts
In point of fact, latest remarks from the Munich-based online fashion retailer comes over the heels of a number of sky-scrapping US IPOs last year despite a pandemic-driven downturn in global economic activities, while the US IPO market in 2021 would more likely to witness another year of high-flying debuts with more than eight businesses planning to price their IPO target this year, aimed at raising a whopping upsum of more than $5 billion.
In tandem, Mytheresa, the Munich-based online platform that sells products of a swathe of luxury fashion brands ranging from Gucci to Alexander McQueen to Fendi, had also added in the regulatory filings that company would list its American Depository Shares in New York Stock Exchange under the symbol “MYTE”.
If truth is to be told, Mytheresa have been planning to capitalize on the fresh capitals raised through a US IPO to downsize its debt-piles that came along with a last year’s bankruptcy of its former parent company Neiman Marcus.
Leading Wall Street lenders and financial services providers such as Morgan Stanley & Co alongside JPMorgan Securities had been reportedly working as lead underwriters for Mytheresa’s Initial Public Offering.