Is CatchoftheDay considering an IPO? That’s the buzz, which would cap off one of the most incredible Australian retail journeys of this century.
CatchoftheDay, founded by brothers Gabby and Hezi Leibovich, has become the story of online retail over the past three years. Originally founded as a deal-a-day site based on the successful Woot.com in the US, CatchoftheDay has rocketed up the revenue charts, adding more strings to its bow with Scoopon (a Groupon clone that does better than the original in the local market), Grocery Run, and more recently acquiring Vinomofo (wine flash sales) and launching Mumgo (targeting mums) in July.
Its growth has been well-documented and has certainly caught the eye of investors already, with CPH investing $80 million in the group last year, valuing the business beyond $200 million.
CatchoftheDay chief executive Paul Reining reportedly told the AFR, “We are showing better growth than the listed bricks-and-mortar retailers… and the growth opportunities are better than bricks-and-mortar retailers – that should attract fantastic investor interest… If you look at online [retailing], it’s now five to six per cent of retail [sales] and growing 20-odd per cent per annum and we’re growing at double or triple that kind of rate.”
A CatchoftheDay IPO would be a landmark occasion in Australian e-commerce, making Catch the first home-grown (literally – the venture started with eBay in the Leibovich household) publicly listed online retailer.