Vinomofo and Adore Beauty tipped for ASX debut amid COVID-19 e-commerce boom

Adore Beauty founder Kate Morris

Adore Beauty founder Kate Morris. Source: supplied.

As COVID-19 causes a spike in e-commerce activity, two Aussie tech platforms are reportedly making moves towards their own IPOs.

Wine startup Vinomofo and beauty e-commerce giant Adore beauty may both be trading publicly in the near future.

While the pandemic has led to volatility on the ASX, tech companies such as Afterpay and Zip have seen their share prices soar as house-bound consumers embrace online shopping, and the alternative payment options that come with it.

At the same time, tech giants such as Atlassian are booming, as the move to online everything drives demand for software and collaboration tools.

According to the Australian Financial Review’s Street Talk, wine startup Vinomofo is preparing for an IPO that could value it at $300 million. It’s reportedly hoping to float before the year is out.

Founded by Justin Dry and Andre Eikmeier in 2011, Vinomofo raised $25 million in 2017, giving at a valuation of $100 million.

In 2018, however, Eikmeier stepped down from his co-chief role.

Online alcohol sales have also been booming during the pandemic. With bars and pubs shuttered, consumers are branching out to try premium tipples at home.

Adore Beauty has also reportedly set its sights on an IPO in the not-too-distant future. While a specific date or valuation is yet to be revealed, it is thought the listing could come with a $600 million valuation.

Founded by Kate Morris back in 2000, Adore Beauty has grown into one of Australia’s most prominent and influential e-commerce businesses.

Earlier this year, Morris sold a 60% stake in the business to Quadrant Private Equity,

During the COVID-19 there’s been a steep uptick in consumers purchasing through online platforms.

In May this year, Adore Beauty launched its Care Kit campaign, with 100% of sales going towards the Safe Steps Family Violence Response Centre. Kits sold out within four days.

While things may yet return to some semblance of normal post-pandemic, the abrupt move to doing everything online has meant some of those who had never shopped online before have embraced it.

The world is changing. And it looks like the ASX may be changing too.

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