beauty

Hipages expected to follow Adore Beauty’s lead for lower risk IPO

It is understood Hipages will look to raise $40 million through an issue of new shares for its IPO, while a shareholder selldown would account for another $50 million to $70 million.

The amount of the selldown depends on how much Hipages’ existing shareholders – including News Corporation’s News Pty Ltd, fund manager Ellerston Capital and venture capital firm Right Click Capital – sell into the transaction, which is yet to be determined.

GS says Hipages worth up to $370m

Sources said News Corp – which owns about 30 per cent of the business – was unlikely to be a big seller, while Right Click wanted to offload some of its stake.

Funds raised would help Hipages pay off $12 million in venture debt and help the company invest in its brand and products. The 200-person Hipages helps tradespeople generate business leads through an online marketplace but wants to expand

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