Ocado appoints five more banks to run IPO -source

* Appoints banks including Barclays, Lloyds, HSBC – source

* Ocado aiming for July IPO – source

LONDON, May 30 (BestGrowthStock) – British online grocer Ocado has
appointed five more banks to help run an initial public offering
pencilled in for July, a source familiar with the matter said.

The banks – Barclays (BARC.L: ), Lloyds Banking Group
(LLOY.L: ), HSBC (HSBA.L: ), Numis and Jefferies – will work
alongside Goldman Sachs (GS.N: ), UBS (UBSN.VX: ) and JP Morgan
Cazenove, who have already been lined up to handle Ocado’s
listing, the source said.

Ocado, which delivers groceries supplied by the upmarket
Waitrose chain, declined comment, but it told Reuters in March
that it was contemplating a summer flotation.

The company, set up ten years ago by three former Goldman
Sachs bankers, could look to raise about 150 million pounds
($218.9 million) from its listing, and would have an enterprise
value of about 1 billion pounds, sources have previously told
Reuters. [ID:nLDE62G20R]

Ocado’s plans to test fragile IPO markets have met with some
scepticism, as the business has yet to make a pre-tax profit due
to investment in a hi-tech distribution centre.

But the business has benefited from rising sales despite the
recession, posting a narrower operating loss in March.

Ocado last week also struck a new 10-year partnership deal
with Waitrose, soothing fears that the supermarket chain might
launch a rival delivery service once the current agreement
expires in 2013. [ID:nLDE64P1D0]

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($1=.6852 Pound)
(Reporting by Mark Potter, writing by Myles Neligan; Editing by
Hans Peters)

Ocado appoints five more banks to run IPO -source