{"id":41243,"date":"2023-10-20T15:12:38","date_gmt":"2023-10-20T15:12:38","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/redbubble-reveals-details-of-its-massive-267-million-ipo-startupsmart\/"},"modified":"2023-10-20T15:12:38","modified_gmt":"2023-10-20T15:12:38","slug":"redbubble-reveals-details-of-its-massive-267-million-ipo-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/redbubble-reveals-details-of-its-massive-267-million-ipo-startupsmart\/","title":{"rendered":"Redbubble reveals details of its massive $267 million IPO – StartupSmart"},"content":{"rendered":"
\"Redbubble<\/div>\n

On a mission to create the world\u2019s largest marketplace for independent artists, Melbourne startup Redbubble will be listing on the ASX next month through an IPO that will value the company at $267 million.<\/p>\n

Shares in Redbubble will be offered at a price of $1.33 as the company attempts to raise $30 million to fund its growth strategy and return cash to early-stage investors.<\/p>\n

Redbubble expects to commence trading on the ASX on May 17.<\/p>\n

The move comes as Redbubble celebrates a decade in business since launching back in 2006.<\/p>\n

The IPO listing is the the next major milestone for the company following a two-year process of preparing through improving its internal governance and corporate structure.<\/p>\n

\u201cFor us going public is the next step of the journey,\u201d Redbubble chief executive and founder Martin Hosking says.<\/p>\n

\u201cIt\u2019s not something that transforms the company but it does give us a higher profile and higher visibility.\u201d<\/p>\n

After raising $15.5 million in new capital in mid-2015 to accelerate international expansion plans, the online marketplace now has nearly 400,000 artists, 10 million images and looks set to turning over more than $140 million by the end of the year.<\/p>\n

Hosking says the float will also mean early investors in the company will receive close to $10 million.<\/p>\n

\u201cThe market capitalisation of the company listing is $258 million, [and] at that capitalisation [early investors] will be getting about 15 to 20 times their money,\u201d he says.<\/p>\n

With 14% of issued shares up for grabs to the public, Redbubble chairman Richard Caswey said in a statement the company\u2019s organic growth over 10 years has positioned it to bring in strong returns for these new investors.<\/p>\n

\u201cIt is one of a small group of Australian technology companies that are genuine global leaders in their space,\u201d Caswey said.<\/p>\n

\u201cAt the core of this success is the rise in consumer demand for distinctive products coupled with the ever-increasing possibilities of print-on-demand technology.\u201d<\/p>\n

A majority of the remaining capital raised through the float will then go to the balance sheet, Hosking says.<\/p>\n

\u201cIt\u2019s not to invest in for example marketing but to invest in the marketplace itself,\u201d he says.<\/p>\n

Hosking says Redbubble will be investing in its technology and product development teams to amplify its power to rollout new products and expands its services through languages other than English.<\/p>\n

With more than 90% of Redbubble\u2019s sales coming from offshore customers, Hosking says the company launched a German language site in Germany and are planning to do the same for in French and Spanish.<\/p>\n

Redbubble will also be improving its mobile experience for the more than 50% of its users that use mobile devices. The company is also pursuing other growth categories, such as women\u2019s fashion related products.<\/p>\n

Hosking\u2019s ultimate aim is to make Redbubble the most attractive destination for artists around the world.<\/p>\n

\u201cWe\u2019re an organisation that has had a clear sense of purpose around independent artists,\u201d he says.<\/p>\n

Hosking sees Redbubble as the third chapter of his career following his involvement in Aconex and LookSmart.<\/p>\n

Looking back, Hosking says his proudest achievement has been building the Redbubble, which he says has stayed true to a genuine and endearing purpose of building a community for independent artists.<\/p>\n

As the company enters this next new chapter of its life, Hosking couldn\u2019t feel more satisfied.<\/p>\n

\u201cThere\u2019s nothing more enjoyable than working with good people, who just as the organisation has grown are doing something we are all committed to,\u201d he says.<\/p>\n

This article was first published on SmartCompany.<\/em><\/p>\n

Follow StartupSmart on<\/em> Facebook,<\/em> Twitter,<\/em>LinkedIn <\/em>and <\/em>SoundCloud.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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