French on-line wine retailer 1855 is to be quoted on the Paris stock exchange's Alternext market from tomorrow (22 December) in a move that will allow the company to raise EUR15m (US$19.7m).
A spokesman for Bryan, Garnier and Co., a European investment bank that has advised 1855 on the float, says the operation will give the retailer a market capitalisation of between EUR35-38m.

1855's founders will retain a 45% stake in the company with the remaining shares divided between around 20 institutional investors.

The bank's spokesman said: "The operation will allow 1855 to remain an independent company while the injection of new capital will provide scope to fund a marketing push in France in a bid to increase what is very small share of a highly fragmented market."

1855 is expected to post annual revenues of EUR17m this year, up from EUR10m in 2005. The retailer, which sells upmarket wines on-line, has increased its customer base this year to by 50% to 30,000.