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Print-on-demand biz Redbubble eyes ASX

Thursday, 21 April 2016
By Print 21 Online Article

Martin Hosking, CEO and co-founder, Redbubble

A print-on-demand business started ten years ago by three friends in Melbourne is launching an IPO aimed at raising $30 million ahead of a planned float on the ASX next month.

Redbubble, an online creative marketplace that sells designs by independent artists printed on a range of products including clothing, home decor, stationery and phone cases, has announced an IPO of shares at $1.33 per share to raise $30 million, with a $9.8 million sell-down by existing shareholders. The offer is fully underwritten by joint lead managers, Morgans Corporate and Canaccord Tenuity. The offer price of $1.33 a share would value the company at $267 million.

The funds raised will provide Redbubble with capital to enable it to pursue its growth strategy, while allowing early investors in Redbubble to realise some of their investment, said a company statement.

Aboriginal Flag T-Shirt (unisex) from Redbubble

“Redbubble’s mission is to create the world’s largest marketplace for independent artists,” said chairman Richard Cawsey. “It is one of a small group of Australian technology companies that are genuine global leaders in their space. At the core of this success is the rise in consumer demand for distinctive products coupled with the ever-increasing possibilities of print-on-demand technology.”

Redbubble, founded in Melbourne in 2006 by Martin Hosking, Paul Vanzella and Peter Styles, made a net loss of $6.3 million last financial year. CEO and co-founder Hosking said the company was still in an ‘investment phase.’

“Redbubble has a strong track record of delivering growth,” said Hosking. “In the half-year to end of December 2015 we had Gross Transaction Value of $80.6 million representing growth of 55% compared to the half year to the end of December 2014. We are forecasting full year GTV of $143.5 million for FY 2016.

“We’ve driven this growth by continuing to invest in marketplace fundamentals with a focus on geographic expansion, enhancing the website experience, growing the product offering and improving the experience for the artists. The funds raised will enable us to continue the investment into our people and systems. I look forward to working with the team in implementing our growth strategy as we create a company of enduring value and true global significance out of Australia.”

The offer comprises:

  • a Broker Firm Offer, which is open to Australian resident investors who are not Institutional Investors and who receive a firm allocation of Shares from their Broker;
  • and an Institutional Offer which consisted of an invitation to bid for Shares made to Institutional Investors in Australia and a number of other eligible jurisdictions.

On completion of the offer, Redbubble would have a market capitalisation at the offer price of $267 million. The Prospectus is available in electronic form at

Redbubble is a global online marketplace powered by 399,000+ independent artists, according to the company website. In FY 2015, 1.44 million buyers shopped in the Redbubble marketplace and, since its launch in 2007, artists have earned over $44 million through the marketplace.

As of 1 March, the company employed 158 people, with 90 based in the Melbourne office.


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