Three former Goldman Sachs bankers, Tim Steiner, Jason Gissing and Johnathan Faiman, who set up the company Ocado could stand to earn as much as 19 million pounds in cash if they receive the top range in its initial public offering of its planned 1 billion pound float.
Ocado, which sells Waitrose food online, valued itself at 800 million pounds to 1 billion, their share range being 200 pence to 275 pence per share.
In the prospectus, those shareholders listed as planning to sell stock included the John Lewis Pension Fund which owns Waitrose can sell up to one half of its stake and USB which can sell off its complete stake.
Recently Amazon.co.uk began offering on line grocery sales to the UK. How this will affect Ocado or it’s IPO is unknown. The prospect also revealed that Ocado will increase its on line stock to include homewares and furniture which will of course change them from an online food supplier to an online department store.
JP Morgan Cazenove which is assisting on the IPO, said that the online grocery market provides “higher prospective growth than bricks and mortar grocery retail.”