After 10 years, Australian online retailer Kogan has announced its goal to go public. The IPO intends to raise $50 million, where the market capitalisation will sit at A$168 million. CEO Ruslan Kogan, who founded the company at 23, stated in a letter that the company has never received any external equity funding.
“I am incredibly proud of Kogan.com’s track record and I believe this sets us apart from our peers. It also speaks volumes about our culture, which is underscored by high levels of personal responsibility and demonstrates the strength and sustainability of our business,” Kogan wrote.
The Australian online retailer’s objective is to start trading on the Australian stock exchange on June 30. After going public, the company’s COO, Kogan and CFO will possess approximately 69.2% of Kogan.com. Having started selling LCD TV’s from manufacture to consumer, the company now claims to have around 621, 300 customers per year.
According to a statement made by Kogan, all funds accumulated at the IPO will go towards marketing and overall growth. In 2015, Kogan.com added two new additions: Kogan Mobile offering mobile phone plans and Kogan Travel which offers travel packages. The company also purchased defunct electronics’ online assets.
“We haven’t just built a leading online retailer, we’ve also built a brand that is synonymous with online retail in Australia,” Kogan wrote.