Homeware Retailer Dusk Eyes £300m London IPO, According to Sky News

Dusk, the online homeware and furniture retailer, is preparing for a £300 million stock market flotation later this year in a move that could provide a much-needed boost to London’s listings market, according to a report by Sky News.

Sky revealed that Dusk has appointed investment banks Panmure Liberum and Zeus to lead the initial public offering. The Yorkshire-headquartered company has built its reputation as the UK’s fastest-growing pure-play online homewares and furniture retailer, achieving several consecutive years of record sales without raising external capital.

According to the report, Dusk has grown its customer base to two million, with repeat customers now making up more than half of all transactions. A £300 million valuation would place the company’s equity roughly in line with listed rival DFS Furniture.

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It was also reported that Jason Walker, Dusk’s founder and executive chair, is expected to remain a significant shareholder following the listing, citing a source familiar with the plans.

The retailer’s growth trajectory stands in stark contrast to struggles elsewhere in the sector. Made, another online furniture retailer, collapsed into administration in 2022, with its brand subsequently acquired by Next.

Dusk, meanwhile, has continued to expand despite industry-wide pressures from weakening consumer confidence and rising costs, with revenues climbing 28% to £195 million in the year to March 31.

Sky noted that Dusk’s business model targets a lower price point than competitors, with the company arguing its online-only approach helps keep overheads down.

A spokesperson for Dusk declined to comment when approached regarding the appointment of the banks, Sky said.