Kogan.com co-founders Ruslan Kogan and David Shafer's combined stake will drop below 30 per cent after the online retailer took advantage of a three-fold increase in its share price to raise $115 million.

The share price rise – from $3.79 in mid-March to a record close of $12.38 on Tuesday – was fuelled by a succession of positive trading updates in April, May and June, which showed sales and earnings had surged during the pandemic as cooped-up consumers shopped online.