German online furniture retailer Home24, which wants to challenge IKEA’s dominance of the European furniture market, said that it was planning a stock market listing, hoping to raise up to 200 million euros ($236.20 million).

Launched in 2009 in Berlin, the loss-making firm delivers furniture in seven European markets, plus Brazil. Ecommerce investor Rocket Internet holds a 43 percent stake. ($1 = 0.8467 euros)

Home24 had hoped that online sales of furniture would grow as fast as those of fashion, but growth has been slower and much larger players such as IKEA are now investing heavily in ecommerce.

German online sales of furniture rose 11.6 percent in 2017, according to the German retail association.

Home24 reported a 22 million euro loss before interest, taxation, depreciation and amortization on 2017 sales up 13 percent to 276 million euros.

In the first quarter of this year, revenue rose to 85 million euros, up 30 percent at constant exchange rates, it said on Friday.

Home24 stakeholder Rocket Internet last year listed its two biggest investments, online food sites HelloFresh and Delivery Hero and both have since seen their share prices soar.

Berenberg, Citigroup, and Goldman Sachs International are acting as joint global coordinators and joint bookrunners for the listing.

When Home24 last raised capital in 2016, its valuation was slashed by more than half to 420 million euros.

(Source: Reuters)