MYT Netherlands (MYTE), the parent company of luxury retailer Mytheresa Group, raised $407 million with an initial public offering that priced at the high end of its estimated range. The Mytheresa IPO began trading Thursday and jumped by double digits.
The company offered 15.6 million American depositary shares at $26, the high end of an estimated range of $24 to $26. It had originally set a range of $16 to $18.
Mytheresa stock climbed 19.2%, closing at 31 on the stock market today. The Mytheresa IPO pricing gave the company a market value of about $2.2 billion.
Launched in 2006, Mytheresa provides an e-commerce platform that offers high-end luxury goods with brand-name designer clothing. It also sells shoes, bags and accessories for women, men and kids. Brands include Prada, Burberry, Gucci, Fendi, Valentino and Saint Laurent.
In addition, the company reported net income of $7.7 million on sales of $547.5 million for 2020.
“Our customers are high income luxury consumers that value quality and experience over price and curation over assortment breadth,” Chief Executive Michael Kliger wrote in the Mytheresa IPO filing. “We offer these leading luxury brands visibility to a highly valuable audience, aggregated customer and trend insights across multiple brands and categories and most importantly, control over brand image and pricing integrity.”
Mytheresa IPO Oversubscribed
IPO research and advisory firm IPO Boutique said the Mytheresa IPO was “many multiple-times oversubscribed.” That suggests the request for shares is much higher than what was made available.
The Mytheresa IPO listed on the New York Stock Exchange under the ticker MYTE. Also, the lead underwriters include Morgan Stanley, JPMorgan, Credit Suisse and UBS Investment Bank. Parent company MYT Netherlands is based in Munich, Germany.
Recent IPO stocks are where you often find some of the market’s best stocks. New IPOs are typically in their early stages of growth, and it’s big earnings growth that generally fuels a stock’s price performance.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more on tech stocks, analysis and financial markets.
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