Australia's SurfStitch aims for $186 mln market value in IPO plan

SYDNEY, Nov 27 (Reuters) - Australian online clothing retailer SurfStitch aims to sell shares in a Sydney stock exchange listing that will give it an overall market value of A$218 million ($186 million), a source told Reuters.

The valuation would be about three times what former owner Billabong International Ltd sold it for four months earlier as part of a restructuring carried out by the struggling surfwear maker after years of losses.

SurfStitch plans to lodge an initial public offering prospectus with exchange authorities on Thursday, said the person with knowledge of the matter, who declined to be identified since the listing was not yet finalised.

Australia's SurfStitch aims for $186 mln market value in IPO plan -source | Reuters