eCommerce giant The Hut Group听has confirmed that a听stock market flotation which could value the company at 拢4.5 billion听will take place this month.听
The company plans to听openly听list at least 20% of its stock, using a fixed offer price.听听
It said it had already allocated 拢565m of shares to cornerstone investors at the fixed price:听拢300m from BlackRock, 拢100m from Henderson Global Investors, 拢90m from Merian听Global Investors and 拢75m from Qatar Investment Authority.听
The group expects the IPO to raise gross proceeds of around 拢920m and plans to expand its business as the popularity of eCommerce continues to boom, offering third-party logistics and infrastructure.听
The Manchester-based group’s lifestyle brands include sports nutrition firm听Myprotein听and makeup lines听Lookfantasic听and听Illamasq, which it acquired in 2015.听
It also sells third-party branded products such as those made by听Glossybox听and听LookFantastic, Lego and Levi’s through its websites.听
Last year the firm reported revenue of 拢1.1bn, up 24.5% year-on-year.听
If it goes ahead, the share sale would be the largest in London this year, during a 19% dip in IPOs during the first half of the year.听
The firm, which was founded in 2004 as a white label eCommerce platform, was powering the online sites of Asda, Tesco and Zavvi within its first year.听
鈥淭HG 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,鈥� THG Chief Executive and co-founder Matthew Moulding told Reuters听last week.听听