IOM-Based On-Line Retailer Plans $50m Float
Bigsave.com, an on-line retailer based in the Isle of Man, opened its web-site this week, targetting UK customers for a range of consumer durables at discounts averaging 25% on high street prices. Jim Mellon, Chairman, said that the savings are made possible by lower VAT and profits taxes; presumably operating costs are lower as well. Mr Mellon, who controls a majority of the stock in Bigsave, said that he had been approached by a number of investment banks and was planning to appoint two banks this week with a view to raising $50m from an IPO later this year. He said the company had already been capitalised by $20m of funds raised privately through Tech-Pacific, a technology investment boutique. .
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