Showroomprive.com raises 256 mln euros in IPO: Reuters

French online fashion retailer Showroomprive.com said it raised 256 million euros ($282 million) in its initial public offering after selling shares at the bottom end of the price range it had set.

The stock began trading on Friday in the form of “share promises”, with full trading in the shares due to begin on Tuesday, the company said in a statement.

By 0956, the share promises were trading at 17.50 euros, below the offer price of 19.50 euros. This was set at the bottom of the initial price range of 19.50-26.30 euros, giving a market value for the whole company of 660 million euros.

Founded in 2006, Showroomprive.com sells designer fashion to its 20.2 million members at steep discounts in “flash” sales, a model pioneered by larger French rival Vente-Privee.com.

While the company pressed ahead with its stock market listing, French music streaming service Deezer said this week it had decided to postpone its 300 million euro IPO due to market conditions, saying it would review fundraising options.

EDF Luminus, controlled by French power company EDF , dropped its planned IPO this week, opting instead for a reorganisation of its share ownership structure.

Europe’s biggest asset manager, Amundi, owned by French banks Credit Agricole and Societe Generale, is planning an IPO in mid-November, meanwhile, which analysts have said could value it at more than 7 billion euros.

French smartcard maker Oberthur Technologies (IPO-OBER.PA), owned by Advent International, also said last week that it hoped to raise 500-600 million euros via a capital increase in a Paris share listing this year.

Showroomprive.com said the amount raised in its IPO could rise to 290 million euros if an overallotment option were fully exercised. This would also see the free float increase to about 41 percent from 35 percent.

U.S.-listed Chinese online discount retailer Vipshop Holdings bought shares for 30 million euros, as previously outlined.

Goldman Sachs and Deutsche Bank are joint global coordinators and joint bookrunners for the IPO. BNP Paribas and Societe Generale are joint bookrunners. Rothschild & Cie is financial adviser.