Grocer Ocado to launch £1bn float next month

The online grocer Ocado has confirmed plans to raise £200m from a flotation next month, in one of the most audacious IPOs of recent years.

Ocado, which sells Waitrose products, also intends to raise a similar amount by certain existing shareholders selling a chunk of shares, notably the pension fund of the John Lewis Partnership.

Ocado has never made a pre-tax profit but grew underlying earnings by 181 per cent to £8m for the 24 weeks to 16 May.