22.10.2020

MyDeal raises $40m as part of $260m IPO

Henslow is pleased to have acted as Corporate Advisor to MyDeal.com.au on their recent Initial Public Offering (IPO) to raise $40.0 million under the ticker ASX:MYD, which values the company at a market cap of c.$260.0 million. The IPO was strongly supported by several well-known institutional investors and family offices with Morgans and RBC acting as Joint Lead Managers and Underwriters.

MyDeal raised $40m as part of the IPO with $35m being used for growth initiatives while the remaining $5m will be offered to selling shareholders.

The IPO was strongly supported by several well-known institutional investors and family offices. The funds raised under the IPO will be used to accelerate growth of MyDeal’s private label brand, Duke Living, as well as continuing to invest in its technology and advertising to grow the MyDeal brand and customer base.

Founded in 2011 by Sean Senvirtne, MyDeal is a pure-play Australian e-commerce retail marketplace specialising in household goods such as furniture and homewares. MyDeal operates a marketplace model that acts as an intermediary, facilitating transactions between consumers and sellers. MyDeal has developed proprietary technology which allows the marketplace to scale quickly whilst still retaining a low-cost operating model.

Experiencing strong growth over the past 12 months, MyDeal generated $103m in GTV (Gross Transaction Value) in FY20 (+164% over FY19) and has over 800 Active Sellers and over 5 million product SKUs across 2,000 categories. Over 1 million products were sold in FY20 on the platform.

MyDeal has established a private label offering and intends to utilise its proprietary marketplace data to help grow this offering efficiently, whilst also driving gross margin for the MyDeal business.

The company will continue to leverage the $6.0 billion Australian online household goods market through delivery of its value proposition to consumers.

 

Want to discuss this transaction further?
Get in touch with the Henslow team below.

Recent posts

Looking for investment opportunities?

Backed and vetted by Henslow, unlock a selection of unique investment opportunities. Register an account to get started.

Investment hub

Subscribe to our mailing list