Online greeting card platform Moonpig has confirmed its intention to float on the London Stock Exchange, targeting a valuation of more than £1bn.
The private equity-owned company, which trades as Moonpig in the UK and as Greetz in the Netherlands, has enjoyed a boom in sales during the pandemic, in contrast to its high street competitors.
The firm reported a 44 per cent jump in revenue to £173.1m in its latest full-year results as the coronavirus pandemic sparked a surge in demand.
It jumped on lockdown trends, rolling out a Big Night In limited edition set of e-cards with celebrity collaborations during the pandemic.
Moonpig’s initial public offering is being considered “to further raise the profile of the company” and “provide it with a platform for continued growth”, the company said today.
Moonpig chief executive Nickyl Raithatha said: “We are confident that Moonpig Group will continue to make gifting even more effortless for millions of people across the UK and internationally, and as the leaders of the accelerating shift to online now is the perfect time for us to bring the company to the public market”.
Moonpig chair Kate Swann, the former boss of travel food operator SSP and WH Smith, added: “The board is confident that Moonpig Group is well positioned to capitalise on its first mover advantage in the online card market and continue its strong momentum in the gifting segment, benefit from the continued human need for connections and cycle-resilient customer spend on gifts and cards”.