October 5, 2018 / 7:30 AM / 17 days ago

Online furniture retailer Westwing to price IPO in upper half of range

FRANKFURT (Reuters) - Westwing, the “home and living” company backed by Germany’s Rocket Internet, is expected to price its initial public offering in the upper half of its indicative price range, one of the bookrunners organizing the flotation said on Friday.

The bank advised investors to expect an offer price of 26 to 29 euros a share, compared with an initial range of 23 to 29 euros. It added that the books were covered throughout the revised price range.

Citing strong demand, Westwing has already brought forward the listing date by two days to Oct. 9.

The company, founded by former Elle journalist Delia Fischer, is seeking to raise up to 147 million euros ($169 million), giving it a market capitalization of up to 597 million euros, as it taps into the desires of aspirational consumers - mainly women - with its online shopping club concept.

Reporting by Arno Schuetze; Editing by Maria Sheahan

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