Ocado confirms £1bn flotation plan

Ocado, the online retailer and Waitrose grocery partner, has confirmed its plans to float on the stock market.

Ocado: confirms £1bn flotation plan
Ocado: confirms £1bn flotation plan

The confirmation of the flotation – which values the business at around £1bn – ends years of speculation that Ocado would float on the London Stock Exchange.

Shares in the company will be offered to institutional investors, employees and customers who have spent £300 or more at Ocado this year.

Ocado, which was set up in 2002, has never made a profit.

The company was set up by three ex-Goldman Sachs bankers and the John Lewis department store, which owns Waitrose.

According to its latest financial figures, Ocado reported a 29% uplift in sales to £230m in the 24 weeks to 16 May this year.

In May, l with Waitrose, which retained the rights to sell its goods and use its branding until 2020.

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