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- Online retailer Adore Beauty (ABY) broke records today as the biggest female-led float to join the Australian Stock Exchange
- Founded by Kate Morris in 2000 and helmed by CEO Tennealle O’Shannessy, the country’s first beauty-centric eCommerce website began trading under ticker code ‘ABY’ around midday
- Adore Beauty’s float was funded by a $269.5 million initial public offering (IPO), which saw investors subscribe for ABY shares at $6.75 a pop
- The consumer discretionary stock was buoyed by further success after listing today, at one point trading for over $7.40 per share
- Heading into the weekend, Adore shares are worth $6.92 each
Online retailer Adore Beauty (ABY) broke records today as the biggest female-led float to join the Australian Stock Exchange.
Founded by Kate Morris in 2000 and helmed by CEO Tennealle O’Shannessy, the country’s first beauty-centric eCommerce website began trading under the ticker code ‘ABY’ around midday.
Adore Beauty’s float was funded by a $269.5 million initial public offering (IPO), which gave investors the chance to subscribe for ABY shares at $6.75 a pop. As a result, the retailer now carries a $635.3 million indicative market capitalisation.
The consumer discretionary stock was buoyed by further success after listing today, at one point trading for over $7.40 per share.
Speaking to the company’s IPO, company Chair Justin Ryan said he was excited about the retailer’s future prospects.
“The company’s ability to engage with its customers, combined with its reputation as an online destination for beauty and personal care, represents a sustainable source of competitive advantage which we expect to drive
continued growth in active customers and revenue,” he stated.
Co-Founder and Executive Director, Kate Morris, shared his sentiments, adding that the company was a “values-led” brand.
“My Co-Founder James Height and I created Adore Beauty in a garage in Melbourne with a clear purpose – to create an empowering beauty shopping
Adore Beauty Co-Founder and Executive Director, Kate Morris
experience that would make our customers feel confident and fabulous.”
“We believe that by staying true to our customers, brands, values and vision, we can weather the challenges and take advantage of our opportunities as Adore Beauty embarks on its next phase of growth as an ASX-listed company,” she concluded.
Heading into the weekend, Adore shares are worth $6.92 each.
