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Luxury fashion platform Mytheresa aims to go public at $1.58 billion valuation

·1-min read

(Reuters) - Mytheresa said on Tuesday it aims to raise as much as $282 million in its U.S. initial public offering, valuing the German luxury fashion e-commerce site at $1.58 billion.

Mytheresa said it plans to sell about 15.6 million American depositary shares (ADS) priced at between $16 and $18 apiece.

Munich-based Mytheresa is a digital platform that sells products from luxury fashion brands to its customers, such as Alexander McQueen, Fendi and Gucci.

After a series of stellar debuts last year, highlighted by those of Airbnb Inc and DoorDash Inc, the U.S. IPO market is set to have another strong year of debuts in 2021, with at least eight businesses slated to price their offerings this week, seeking to raise a total of nearly $5 billion.

Mytheresa will list its ADS on the New York Stock Exchange under the ticker symbol "MYTE", the company said.

The IPO proceeds are earmarked to repay debt related to last year's bankruptcy of former parent Neiman Marcus.

Morgan Stanley & Co and J.P. Morgan Securities are the lead underwriters on Mytheresa's offering.

(Reporting by Noor Zainab Hussain in Bengaluru; Editing by Maju Samuel)