Ocado confirms stock market flotation
Ocado, the online service that delivers Waitrose groceries, has confirmed that it will float on the London Stock Exchange with the aim of raising £200m.
The shares will be offered to institutional investors, employees and customers who have spent £300 or more so far this year.
The loss-making company also announced a 30% rise in sales in the 24 weeks to 16 May, compared with a year earlier.
Earlier this month, Ocado said it was considering a flotation.
"The team at Ocado has achieved an extraordinary feat in building a business from scratch to be one of the most recognised retail brands in the UK," said chairman Michael Grade.
Ocado, which was set up in 2002, has never made a profit.
It was formed by three ex-Goldman Sachs bankers along with the department chain John Lewis, a sister business of Waitrose.