Surfstitch is now worth more than Billabong International

SurfStitch, which began life in the backyard of a northern beaches home in Sydney seven years ago, was worth $214 million when it floated last December.

The company is now worth $511 million and its market capitalisation is expected to reach $550 million when it emerges from a trading halt, after raising $50 million on Wednesday to buy surfboard and accessories manufacturer Surf Hardware International for $23.7 million.

In comparison, Billabong, which was worth more than $6 billion five years ago and came close to collapse in 2013, is now worth $510 million.

Surfstitch is now worth more than Billabong International (smh.com.au)