Jun 11, 2020
Ocado is raising money just because it can, can, can
"Because we can, can, can," DJ Fatboy Slim riffed for the movie musical Moulin Rouge! a year after Ocado was founded. On Thursday, Ocado raised £1bn because it can, can, can. With a £15bn-or-so market cap and a 50 per cent share rise since January, lossmaking Ocado can do as it pleases and intoxicated investors will throw more money at it. Ocado already had enough cash to construct the 54 sites it is committed to building, with a £183m share sale to Kroger in 2018, £563m in cash from M&S last year and £600m from another convertible bond sale in December. Last year Johnson Matthey managed 13.3 per cent, down from 16.4 per cent the year before, on the back of high metal prices and £465m in capex.
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