Milbank advised About You, Europe’s fastest-growing online fashion platform of scale, and Otto Group as a shareholder on the successful IPO of About You in the Prime Standard segment of the Frankfurt Stock Exchange. In the course of the IPO, shares of About You were placed at €23 per share. The placement price indicates a market capitalization at the start of trading of €3.92 billion and the expected free float of new shareholders (net of treasury shares) will amount to 21.0%, assuming full exercise of the Greenshoe option. Stock exchange trading on the Frankfurt Stock Exchange commenced on June 16, 2021.
About You plans to invest the majority of the proceeds of around €657 million from the placement of new shares to scale its commerce operations internationally, accelerate the roll-out of its SaaS business in its technology, media and enabling (TME) segment, and develop its tech infrastructure and distribution centers.
With more than 30 million unique monthly active users, About You is one of the largest fashion and lifestyle platforms in Europe. It is currently active in 23 European markets.
Milbank advised About You and Otto Group on all corporate matters relating to the IPO, as well as certain capital market law aspects. Milbank previously advised Otto Group, among other transactions, on Heartland’s investment in About You.
The Milbank Team that advised About You and Otto Group on the IPO was led by Christoph Rothenfusser, Norbert Rieger and Sebastian Heim and included partners Ulrike Friese-Dormann (all Corporate/M&A, Munich), Rolf Füger (Tax, Munich) and Alexander Rinne (Antitrust) as well as associates Sebastian Reiner-Pechtl, Pascal Härdtner, Josef Wittmann, Manuel Bogenreuther, Maximilian Pechtl, Christina Beck (all Corporate/M&A); Moritz Philipp (Tax) and Nils Bremer (Antitrust).
