White goods etailer Ao.com has confirmed its widely speculated intention to float on the London Stock Exchange.
Ao.com said today it expects to be admitted in March as it aims to expand its range of products. It has been reported the float could value Ao.com at £1.2bn.
The etailer added that the listing would allow it to expand overseas with Germany its initial target.
To bolster its flotation, Ao.com has hired Asos chairman and former Amazon executive Brian McBride as senior independent non-executive director, as well as Marisa Cassoni and Rudolf Lamprecht as independent non-executives.
Ao.com co-founder and chief executive John Roberts said: “Ao.com comes to market with a leading customer proposition that I believe will appeal to the consumers of both today and tomorrow. We aim to put the customer first in everything we do and are fanatical about offering customers amazing service and competitive pricing.
“Ao.com has a strong track record of revenue growth and profitability and I am excited about the opportunities ahead as we continue to grow our new Ao.com brand. We are exploring opportunities to expand the range of products and services that we offer and to internationalise our business.”
He added: “I believe these initiatives have the potential to deliver a significant change in terms of our addressable market and that a London listing will give us the platform to continue to grow our business. Ultimately, it is our ambition to be a leading European online electrical retailer.
“I have never been more excited about our business and the ability of our team to deliver on our vision for the future.”