Mytheresa Increases IPO Price to $26 A Share

Mytheresa is coming into the market with a last-minute mark up. 

The German e-commerce company priced its IPO late Wednesday at $26 a share, well above the $16 to $18 it was looking for just last week. 

That price will give the firm a market capitalization of $2.3 billion, raising $354.8 million for the company and $52 million for its backer, private equity firm Ares Management.

If recent history — especially Poshmark’s 140 percent increase in its first day of trading last week — is any guide, Mytheresa’s valuation could move even higher when its shares start trading on the New York Stock Exchange on Thursday. The stock will trade under the “MYTE” ticker.

The Munich-based firm, which had been part of Neiman Marcus Group before the retailer’s bankruptcy, plans to use at least some of the money it raised to pay off loans from its shareholder. 

With its recharged coffers and a new kind of currency in its publicly traded stock, Mytheresa will have a stronger footing in the online luxury market, where Farfetch recently made a big move, linking with both Alibaba and Compagnie Financière Richemont.

Mytheresa has long-standing brand relationships with the likes of Alexander McQueen, Fendi, Gucci, Prada and many others and has been gaining in the pandemic-induced lock down. 

For the year ended June 30, the company’s adjusted income rose 22.2 percent to 19.3 million euros as sales increased 18.6 percent to 449 million euros.

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