Letsbuyit.com, the London-based online retailer, is to make a second attempt at listing on the Neuer Markt in Frankfurt.
Stock market volatility forced the company to pull its planned flotation a fortnight ago but yesterday executives said that the mini-recovery in the value of technology stocks had persuaded it to try again. The shares are due to start trading on July 12, following a seven-day subscription period starting on July 3.
"We have had incredibly strong support from our institutional investor base and as retail rebounds we are convinced that our listing on the stock exchange will be a huge success done now," said chief executive Martin Coles.
Letsbuyit refused to say how much money it was looking to raise or what its market value is likely to be. However, analysts believe advisers Robertson Stephens may have to revise a previously mooted valuation of around 750m-1bn euros (£473m-£631m) and come up with a more conservative figure in a market still sensitive to online retail new issues.
The new funds will be spent on European marketing and continuing a high-profile marketing campaign. When it first postponed its float Letsbuyit signalled it would have to cut back on its expensive television advertising campaign which runs regularly during peak viewing hours.
Letsbuyit.com's business model is based around consumers pooling their buying power to bring down the price of goods like TVs, personal stereos and electronic gizmos. The more people who agree to buy, the lower prices become.
It has around 700,000 registered members, following a 30% increase in May. During the month it took 30,000 orders totalling 4.3m euros. Average order valued increased from 120 euros in April to 148 euros.
"Our performance clearly demonstrates that we've earned our position among the select group of quality companies which will form the platform for e-commerce activities over the next several years," Mr Coles said.
Letsbuyit now operates in 13 countries and employs 350 staff. It was founded in Sweden in January and went live in April.
