Luxury online fashion platform Farfetch priced its shares above the indicated range for its initial public offering today, signaling strong investor demand for the business.
The London-based company hopes to raise $885 million (£669.7 million) in its New York listing.
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In the run-up to the initial public offering on Friday, the business and existing shareholders are selling 33.6 million and 10.6 million shares respectively at $20 each (£15), higher than the price range of $17-$19 (£12-£14) that had already been increased earlier in the week.
The pricing values the luxury technology company at $5.8 billion (£4.39 billion), signaling strong investor demand for the business.
That places Farfetch in a similar league to British fashion brands Asos and Burberry, who are valued at £6.3 billion and £7 billion each.
Founded in 2008, Farfetch generated sales of $481 million in the year to June 30, although it remains unprofitable, with losses before tax of $68.4 million (£51.76 million) on revenues of $267.5 million (£202.43 million) in the six months to June 30.
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