Ocado confirms stock market flotation

Waitrose bag of groceries Ocado delivers Waitrose-branded products as well as other brands

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Ocado, the online service that delivers Waitrose groceries, has confirmed that it will float on the London Stock Exchange with the aim of raising £200m.

The shares will be offered to institutional investors, employees and customers who have spent £300 or more so far this year.

The loss-making company also announced a 30% rise in sales in the 24 weeks to 16 May, compared with a year earlier.

Earlier this month, Ocado said it was considering a flotation.

"The team at Ocado has achieved an extraordinary feat in building a business from scratch to be one of the most recognised retail brands in the UK," said chairman Michael Grade.

Ocado, which was set up in 2002, has never made a profit.

It was formed by three ex-Goldman Sachs bankers along with the department chain John Lewis, a sister business of Waitrose.

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