Kogan founders cash in; Citi launches $163m block trade

Just after Kogan shares closed Tuesday's trade at a record high, its founders Ruslan Kogan and David Shafer were selling down their stakes to the tune of $163 million.

Citi's equities desk was in the market with the block trade, which represented about 6.9 per cent of Kogan's securities on issue.

The 7.3 million shares were being offered to potential investors from an underwritten floor price of $21.60 and bids were being taken in 5¢ increments up to $22.25, according to terms sent to funds.

That price represented between a 6 per cent and 3.2 per cent discount to Kogan's $22.99 last close on Tuesday.

At the conclusion of the selldown, Ruslan Kogan would then hold 15 per cent of the company, or 15.3 million shares, while co-founder David Shafer would hold 5.8 per cent, or 6.1 million shares.

Bids into the book were due by 6.30pm on Tuesday, funds were told.

The block trade comes a day after Kogan reported its results for the 2020 financial year, which saw it post a 56 per cent increase in net profit to $26.8 million.