The Hut Group confirms £4.5bn stock market listing
The Hut Group has confirmed it is set to price its initial public offering at £5 per share, valuing the e-commerce retailer at £4.5bn
The £920m float will make it the largest listing of a British company since 2013.
The Hut Group will list at least 20 per cent of its stock. It is also planning to sell some existing shares, which will take the total offer to £1.87bn, or 35 per cent of shares.
Blackrock, Henderson Global Investors and funds managed by Merian and the Qatar Investment Authority have already agreed to buy £565m of the shares on offer.
Announcing the intention to float last month, founder and chief executive Matthew Moulding said: “Our intention to float The Hut Group on the London Stock Exchange reflects the achievements of the past but also our strong belief in the significant potential for THG in the future.
“THG has enjoyed strong growth since being founded in 2004, employing more than 7,000 people and establishing a track record of consistent delivery for our customers.”
The float could also trigger a huge corporate payout for Moulding.
Under the terms of The Hut Group’s long-term incentive scheme, Moulding could receive shares worth more than £700m if the company achieves a market capitalisation of £7.25bn by December 2022, Sky News reported.