Shares in the online fashion retailer About You AG have been priced at 23 euros apiece for its planned stock market listing, valuing the German trading group at 3.92 billion euros ($4.75 billion), it said on Monday.

The offer price is slightly below the mid-point of a range of 21 to 26 euros per share, disclosed last week.

The offering of new and existing shares in the Hamburg-based startup firm, assuming full use of the over-allotment option, will be worth 842 million euros, resulting in a free float of 21%. The first day of trading is slated for Wednesday.

That includes 657 million euros in new shares sold in a private placement to pre-selected investors to fund its push to create a global fashion e-commerce platform.

About You, which operates in 23 European markets, competes with Zalando in the consumer segment while its B2B platform pits it against Shopify, SAP and Salesforce.

About You reported 57% revenue growth to 1.17 billion euros in the year to February, and in the last quarter achieved its first positive core profit since its launch in 2014.

The company is backed by mail-order group Otto and Danish tycoon Anders Holch Povlsen.

Deutsche Bank, Goldman Sachs, and J.P. Morgan are acting as joint global coordinators and joint bookrunners, with Numis Securities, Société Générale and UBS Investment Bank also acting as Joint Bookrunners.

By Ludwig Burger; Editing by Aurora Ellis