Ruslan Kogan, the pioneering Australian online retailer, just sold 3% of his company for almost $13 million.
According to filings with the ASX, Koagn moved 3 million shares at $4.25 each early this week for a total of $12.75 million, well ahead of the $1.80 issue price when the company listed on the ASX in July 2016.
At that price the company would be worth $425 million. And Kogan still has 48,456,558 shares left or 51.8% of kogan.com.
The latest Financial Review Young Rich List shows Kogan as the 12th wealthiest Australian aged under 40 with $169 million.
The share price has dropped to $3.80 from $4.59 since Kogan sold his parcel.
That would value Kogan’s current holding at $184 million.
Business Insider has asked Kogan for comment.
The shares had been trading below the ASX-listing price of $1.80 issue price last year but have been rising this year as the company reports better than expected progress against its prospectus.
Revenue for the year to June was up 37.1% to $289.52 million. The active customer base grew to 955,000, up 36.0% from 12 months earlier.
Kogan.com on Monday released its quarterly numbers showing a 39% rise in sales over the latest three months as the pure-play online retailer prepares for the Christmas shopping season.
Unaudited management accounts show 278,000 new customers, revenue growth of 35.9%, a rise in EBITDA (earnings before interest, tax, depreciation and amortisation) of 37.7% and a gross margin of 18.2% for the quarter compared to the same three months last year.