RealTime IT News

Co-Shopping Pioneer LetsBuyIt.com to Float in June

Co-shopping services provider LetsBuyIt.com said Thursday it will list on the Neuer Markt on June 7.

Investment banker Robertson Stephens, which specializes in the Internet and high tech sectors, is co-ordinating the IPO, leading a syndicate that includes DG Bank, Sal. Oppenheim and Enskilda-Securities.

LetsBuyIt.com has established pole position among co-shopping providers, "co-shopping" being an Internet service that allows consumers to combine their purchasing power in order to beat down prices. In effect, it lets the individual buy at a wholesale price without having to purchase a huge quantity of the product.

Founded in January 1999 in Sweden, LetsBuyIt.com launched online in April that year, moving into Denmark, Finland and Norway in August and into Germany and the U.K. in November. It has now extended its operations to Austria, Switzerland, Belgium, the Netherlands, France, Spain and Italy.

Jan-Erik Gustavsson, chief technology officer at LetsBuyIt.com, spoke of its advanced architecture, security, scalability and process automation, and said that it was geared for rapid global expansion, a fact that gave it a distinct competitive advantage.

LetsBuyIt.com says it has 450,000 members and reports growth of over 25,000 new members per week. Its business relationships extend to over 150 well known brands, such as Kodak, Hewlett Packard, Fujitsu/Siemens, Aiwa, LG, Psion, Nikon, Pioneer, Pentax and Logitech.

"Our business concept seems to have struck a chord with Internet users. Rapidly growing membership and sales figures validated our approach right from the start," said Martin Coles, chief executive officer of LetsBuyIt.com.

Coles went on to say that the company's strategy is to develop a global brand, providing users worldwide with the power to make cheaper purchases.

Employing 300 staff worldwide, LetsBuyIt.com is headquartered in London.