Munich based luxury fashion e-commerce platform Mytheresa announced that it raised a total of $406.8 million from its Unites States initial public offering held on January 20. Following the IPO Mytheresa now has a market valuation of $2.2 billion.
Shares of the company will start trading on New York Stock Exchange under the ticker symbol ‘MYTE’.
Mytheresa says it offered 15.6 million American depositary shares (ADS) in the IPO pricing $26 per ADS. The IPO price was on a higher side compared to the earlier range of $16 to $18 per ADS issued by the company.
Previously, the company had said it would be selling 13.6 million ADS in the IPO and that its sole shareholder will sell 2 million ADS.
Morgan Stanley (MS) and JP Morgan (JPM) were the lead underwriters for Mytheresa in its IPO.
Mytheresa says it will be using proceeds from the IPO to settle debts related to the bankruptcy of its former parent company Neiman Marcus which happened in 2020.