Online furniture retailer Made.com’s shares fell 8 per cent in early trading after its initial public offering (IPO), giving it a valuation of £775 million.

Made.com sold 50 million shares raising £100 million, though the valuation fell short of the £1 billion the company had been targeting.

Made.com are just one of the major UK retailers to pursue an IPO on the London Stock Exchange (LSE) in 2021, following The Hut Group, Moonpig, Dr Martens, and In The Style.

The furniture retailer was launched in 2010 by Lastminute.com founder Brent Hoberman and social network Bebo co-founder Michael Birch and currently sells its goods in eight countries.

Made.com, which has 590 employees, has said it plans to grow annual sales to £1.2 billion by the end of 2025.

The retailer is set to use the capital from the IPO to improve its marketing and supply chain and to speed up delivery times.

The pandemic boosted worldwide furniture sales in general, with sales of office chairs, office desks, and outdoor furniture up 104 per cent, 89 per cent, and 428 per cent respectively according to statistics compiled by StackLine and Criteo.

“The IPO is an exciting milestone for Made,” said chief executive Philippe Chainieux. “A listing in London, where the business was founded, will enable us to accelerate our growth.”

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