SurfStitch, an Australian online retailer partially owned by Billabong, is closer to an initial public offering, following reports it has set up meetings with fund managers to help value the business.
SurfStitch is hosting meetings at its Gold Coast headquarters this week, as it seeks to progress plans to buy back major shareholder, Billabong International, and pursue a $300 million stock exchange listing, Fairfax Media reports.
Billabong has a 51 per cent stake in the business, which is the the largest online action sport retailer in Australia and Asia, while minority shareholders include founders Justin Cameron and Lex Pederson, as well as former Perpetual money manager, Charlie Lanchester.
SurfStich was founded in 2007 and sells sports, swim, and fashion items online.
It also has five stores in Europe, and manages Billabong’s e-commerce platform, along with 20 other websites.