Online beauty retailer Adore Beauty has been listed on the Australian Securities Exchange (ASX) as ABY, with the first stock jumping 9% and trading at $7.40 AUD, according to SmartCompany. The IPO raised a reported $269.5 million AUD (~$192 million) based on an initial offer price of $6.75 AUD a share. The business was valued at $614.8 million AUD and gave it an opening market capitalization of $635.3 million AUD.
Adore Beauty is raising $229.5 million AUD in funding through the sale of existing shares belonging to the company.
Founder Kate Morris and co-founder James Height are reportedly expected to receive $45.9 million AUD each after selling 40% of their shares in the offer.