THE WHAT? Quadrant Private Equity is planning to list online shopping platform Adore Beauty, and the deal is expected to be Australia’s biggest retail IPO in five years, according to a report published by Reuters.
THE DETAILS The listing is expected to raise some A$250 million, and is being managed by Morgan Stanley and UBS, Reuters revealed, quoting anonymous sources, valuing Adore Beauty at approximately A$700 to A$800 million.
THE WHY? As a result of COVID-19 lockdowns, online retail has become hot property; Quadrant is cashing in while sentiment is bullish in the tech and e-commerce sectors, Reuters said.