About You suits its new equity valuation. The German fashion e-commerce company, which aims to digitalise mall visits by creating a personalised shopping experience on smartphones for young teens, is looking to raise 941 million euros in a Frankfurt initial public offering. Tuesday’s implied price range of between 21 euros and 26 euros implies its equity is worth up to 4.4 billion euros. That seems justifiable. The part of About You’s business which sells directly to consumers via its app generated over 1 billion euros of sales in the year to February. On the average 1.7 times multiple of rivals Zalando (ZALG.DE) and Asos (ASOS.L), it’s worth 1.9 billion euros. Meanwhile, its tech business is arguably akin to U.S. e-commerce giant Shopify (SHOP.TO), helps brands like Marco Polo sell clothes online and has revenue of 84 million euros. On Shopify’s 30 times sales, it could fetch 2.5 billion euros. And as lockdown eases sales may jump over 40% in the next year. Even so, About You is taking the precaution of swerving a retail offering. French car parts distributor PHE pulled its IPO while music group Believe is expected to price at the bottom of its range. Having the greater flexibility on timing that comes from dealing only with institutions probably makes sense. (By Karen Kwok) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Big Tobacco is ramping up its transition read more SoftBank’s Flipkart 2.0 is a big endorsement read more Medline’s money machine read more Amazon founder goes into space read more HSBC’s Asia leadership duo looks lopsided read more