High-profile online retailer Kogan.com has made its debut on the Australian Stock Exchange.
Kogan began trading on the ASX (with the symbol KGN) at noon.
The company was founded in 2006 by Ruslan Kogan, who has become renowned for his high-profile clashes with a number of established Australian retailers, particularly Harvey Norman chairman Gerry Harvey.
Kogan originally solely retailed its own-brand products, but later branched out to sell discounted major brands. The company’s range also expanded from technology and home entertainment products to encompass kitchen appliances, homewares and groceries.
The company’s international reach has also grown, with the company selling to the New Zealand, US and UK markets.
Kogan also has its own telco arm, Kogan Mobile, which is a mobile virtual network operator (MVNO) that sells services over Vodafone’s 4G network, and an online travel agency, Kogan Travel.
Earlier this year Kogan purchased the intellectual property and online operations of bankrupt retailer Dick Smith Electronics for $2.61 million and began operating DickSmith.com.au.
Documents filed with the ASX prior reveal revenue of $200 million for FY15, representing growth of 14.5 per cent — $25.3 million — on the prior year. Kogan said this was primarily on the back of growth in private label sales and the expansion of its Kogan-branded products into new verticals.
The company also said it had invested in systems and personnel to support future growth.
It reported EBITDA of $1.8 million for the financial year.
For the first half of FY16 Kogan reported EBITDA of $3.2 million on revenue of $104.7 million.
The company’s IPO sought to raise $51 million from issuing 28.4 million shares, giving Kogan a market capitalisation of $168 million.