Champion Australian batsman Steve Smith will own 3.9% of Koala when it lists on the ASX, worth nearly $8.5 million after investing $100,000 a 11 years ago.
The register Koala’s (ASX:KOA) top 20 shareholders published on Monday ahead of the March 31 listing reveals Smith’s SS415 Investments is the online bedding and furniture retailer’s 8th largest shareholder, with more than 2.49 million shares.
Smith invested $100,000 in the startup’s Seed round for a 10% stake in 2015. Subsequent investments diluted his shareholding which just four years later was worth more than $10 million.
It’s not known if Smith was among the existing investors who sold $48.1 million worth of stock as part of the $68 million IPO. Cofounder Mitch Taylor did cash in, selling $8.3 million worth of shares in the secondary sale. He remains Koala’s third largest shareholder with nearly 15.9 million shares and 17.7% of the business.
CEO and cofounder Dany Milk who returned to Koala in 2024, after shutting down venture-backed grocery delivery startups with Milkrun has a 20.82% holding, worth more than $60 million of the company’s $305 million market cap when it lists, alongside his $630,000 a year job.
Koala also banked $20 million in new capital at $3.40 per share as part of its IPO, with just over half of those funds used to retire debt.
Get the best of Startup Daily straight to your inbox
Want to know the latest in startup news? Subscribe to our daily news and analysis coverage on what’s happening to ANZ startups, investors and the broader ecosystem. And best of all, it’s FREE!
By continuing, you agree to our Terms & Conditions and Privacy Policy.
Investor Perennial Partners is the largest shareholder with more than 20% and sold down a slice of its stake in the float, while Alium Capital holds 4.72%. UniSuper has nearly 4% of the business.
Sandra Morrow, who returned to Koala in 2023 and became COO late last year, having spent six years as head of operations at Koala in its early years, before a brief stint as a founding team member of now-closed fellow Byron Bay startup Zero Co, is among the top 20 shareholders, with more than 500,000 shares.
Former mycar and Koala executive Keith Toms, who joined furniture retailer Nick Scali earlier this month as CFO and company secretary, has 183,750 shares.
Koala’s prospectus forecasts total revenue hitting $332m, up 20% on FY2025, with Australian sales representing around half that figure at $166.5m, up 10.5% in 12 months.
The FY26 forecast EBITDA is $24.8 million, up 112.2% ($11.7m), with the EBITDA margin anticipated to improve to 7.5%. The business has a gross margin above 60%.
Koala Group’s pro forma cash flow is forecast to grow from $29.9m in FY25, to $27.7m in FY26.
The statutory NPAT loss of $4.6m in FY25, if forecast to turn around by $10.3m this financial year to a $5.7m profit.
Koala’s ASX debut is scheduled for March 31 at 11am.
