CNET también está disponible en español.

Ir a español

Don't show this again

Tech Industry

No longer the little guy: Kogan goes public with IPO, eyes $50M payday

After a decade of challenging the retail mainstream, Kogan is joining the big leagues, announcing a float on the stock exchange and ambitious plans to raise AU$50 million.

Kogan is all grown up and ready to list on the ASX.

Kogan

It's been ten years since Ruslan Kogan launched his eponymous online retail venture in his garage, and now the Little Retailer That Could is celebrating the occasion by listing on the stock exchange.

The company is hoping to raise AU$50 million so it can grow further, with plans to spend the capital on "investment in new products and categories as well as marketing."

While Kogan has expanded into cruises, physical stores, mobile plans (twice) and even bought out the struggling Dick Smith brand to relaunch it as a purely online store, company founder Ruslan Kogan has never really shaken the public image of young entrepreneur-upstart trying to disrupt the retail industry.

But while Kogan himself still describes his business as a "challenger brand," today's news is a sign that Kogan.com has well and truly entered the corporate mainstream.

Kogan.com announced its initial public offering today, pricing its stock at AU$1.80 per share. The IPO will put the company's market capitalisation (the number of all shares multiplied by their 'offer price') at AU$168 million upon listing. The company plans to be officially listed on the Australian Securities Exchange (ASX) by June 30, 2016.

In order for the IPO to take place, the company's two share holders, Ruslan Kogan and chief operating officer and chief financial officer David Shafer, will sell off roughly one third of the business, maintaining approximately 69 percent of their stake in Kogan.com.

But if you're keen to get a slice of the Kogan pie, the IPO isn't open to the general public. The shares will be made available to institutional investors, brokers who work on behalf of investors, and employees, with a "priority offer" also open to "investors nominated by Kogan.com."