Street Talk

Mattress-in-a-box retailer Koala explores $500m-plus ASX listing

Sarah Thompson, Kanika Sood and Emma Rapaport

Mar 10, 2025 – 4.50pm

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Koala, the online boxed mattress retailer which has expanded into a range of furniture and homewares, is exploring an ASX listing that it hopes would see the decade-old start-up valued at more than $500 million.

Koala is working with Barrenjoey Capital Partners as it weighs an ASX debut, four months after Dany Milham took over from his mild-mannered co-founder Mitch Taylor as the company’s chief executive. The duo own just over 50 per cent of Koala and would have the final say on a float. The rest is in the hands of investors like Perennial Partners, Alium Capital Management and cricketer Steve Smith.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.