Dechert LLP advised Accel Partners, a U.S. venture capital firm, in the IPO of Showroomprivé, a French online retailing Group created in 2006.

This initial public offering will help Showroomprivé access more liquidity in an effort to seize external growth opportunities and expand its activities in new territories. Already present in eight European countries, Showroomprivé listed 20.2 million members in 2014 and generated more than €350 million in sales, working with 1,300 different brands. The group, which employs over 700 individuals, forecasts growth of over 25% in 2015 and an international development that should increase from 15% of sales to 25% by 2018.

The price per share will range between €19.50 to €26.30 and Showroomprive asserts that the IPO is set to raise €226 million to €298 million, which includes €50 million of new shares and from €176 to €248 million of existing shares sold by the founders, Accel Partners and Kilwa Investment SA. The Chinese NYSE listed company Vipshop Holding already committed to purchase €30 million of shares at the IPO price.

Accel Partners owned 31.25% of the capital of the company, after investing €37 million five years ago.After this IPO, the company may become the largest French Unicorn (i.e. start up worth more than US$1 billion), after Criteo and BlaBlaCar. “This IPO illustrates the attractiveness of the Internet sector and the international visibility of young French companies”, explained Matthieu Grollemund, partner in Dechert France.

The Paris based team advising Accel Partners was led by partner Matthieu Grollemund assisted by associate Hélène Parent.