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Luxury clothing platform Farfetch racks up US$885mln in its IPO, shares surge double digits

The e-commerce retailer priced its 44.2 million shares above guidance at US$20 each

Gucci bag
The London-based platform offers luxury fashion from brands like Gucci and Chanel

Farfetch Ltd (NYSE:FTCH) made its public debut Friday on the New York Stock Exchange.

The London-based e-commerce retailer operates a fashion platform, offering luxury brands from well-established brands like Chanel and Gucci as well as on-the-rise designers like Alessandra Rich and Wandler.

The company priced its 44.2 million shares above guidance at US$20 each, raising a total of US$885mln.

Its market valuation is estimated to be around US$6.2bn.

The retailer’s shares began trading 35% higher at US$27, surging nearly 50% to US$29.63 in afternoon trading.

Frederic Court, founder of venture fund Felix Capital and one of Farfetch's first investors, congratulated the company via Twitter.

Farfetch’s initial plan was to offer 37.5mln shares priced between US$15 and US$17, but later upped its price range to fall between US$17 and US$19 per share.

The platform had a total of 935,772 active user as of December 31, according to a regulatory filing.

--Updated to include recent share price

Quick facts: Farfetch Limited

Price: 7.48 USD

NYSE:FTCH
Market: NYSE
Market Cap: $2.28 billion
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