Cettire founder and CEO Dean Mintz has agreed to sell down approximately 33.3 million shares in the company.
This selldown represents 8.7% of the company’s issued capital.
The sale was undertaken at a price of $3.00 per share by way of an underwritten block trade.
Following this sale, Mintz will still remain the largest shareholder in Cettire, retaining a 37.2% shareholding in the company.
“Cettire is in a very strong position with continued momentum, with all key markets performing strongly, as demonstrated in the company’s FY23 results released yesterday,” Mintz said.
“In response to strong investor demand, undertaking this share sale provides enhanced liquidity and free float, improving the likelihood of achieving major index inclusion in the short to medium term.”
The Australian luxury online retailer recorded a 98% lift in sales revenue to $416.2 million in FY23.
Adjusted earnings before interest, tax, depreciation and amortisation of $29.3 million were up from a negative $21.5 million in FY22. The company also recorded an 87% lift in gross revenue to $539.2 million and delivered margin up 156% to $95.6 million.