The Ocado IPO

July 2010

Yesterday morning Ocado began life as a public company. This was a seminal moment for us all. With public ownership comes more scrutiny and comment. But with it too comes new capital to help us continue to grow and expand, to create more jobs and greater opportunities for all of our fantastic people, and to deliver more award-winning customer service. The last 10 years have rarely been easy, and our transition to a PLC was no exception.

On Tuesday we announced a decision to lower the price range at which shares would be offered in the flotation. The market has a view on what the ‘right’ price for Ocado shares is, and we wanted to respect that view.

We firmly believe that our decision to proceed in this manner – which, unsurprisingly, has generated a lot more commentary and media coverage – is in the very best long-term interests of the business. Bear in mind that we started from scratch in January 2000. Today we have one of the UK’s most visible brands, 4,300 talented and committed people, and many more loyal customers. The competition in our chosen industry is fierce, and we have many challenges ahead of us, but just look at how far Ocado has come (from that first tiny, single-roomed London office…) in ten turbulent, but incredible years?

We’re incredibly proud of what we do and how we do it; we’re doing something different here and, as my CEO Tim said to journalists this week, we believe the future is exceptionally bright.

Thanks to all of you who have shopped or worked with Ocado; we couldn’t have made it this far without your support.

Jason Gissing