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UK furniture retailer Made.com plans London flotation

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LONDON (Reuters) -Britain’s Made.com, an online furniture seller, on Tuesday announced plans to list at least 25% of its shares in London.

Made.com, which has seen sales surge over the COVID-19 pandemic, said it planned to sell about 100 million pounds ($142 million) of new shares, while existing shareholders will also offload some of their stakes.

The company, which was launched in 2010 and operates across eight European countries, will allocate a further 15% of its shares to be made available in an over-allotment option.

It is targeting annual gross sales of more than 1.2 billion pounds ($1.7 billion) by the end of 2025 and medium-term adjusted EBITDA (earnings before interest, tax, depreciation and amortisation) in the low teens as a percentage of net revenue.

J.P. Morgan and Morgan Stanley are global co-ordinators on the deal.

($1 = 0.7041 pounds)

(Reporting by Kirstin RidleyEditing by Rachel Armstrong)

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