The Hut Group has brought weeks of speculation to an end by confirming that it is to float on the London Stock Exchange. This will involve the issue of new shares to raise around £920 million and the sale of existing shares by certain of the business’ current shareholders. A valuation of around £4.5bn has been mooted.
“Our intention to float THG 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,” said CEO founder & chairman Matthew Moulding.
He added: “THG has enjoyed strong growth since being founded in 2004, employing more than 7000 people and establishing a track record of consistent delivery for our customers. The brands we own today give us leading strategic positions in prestige beauty and nutrition, powered by Ingenuity, our differentiated proprietary direct-to-consumer eCommerce solution.”
The business has appointed Citigroup Global Markets, JP Morgan Securities, Barclays Bank and Goldman Sachs International as joint global coordinators, and HSBC Bank, Jefferies International and Numis Securities as joint book runners, in the event the Offer proceeds
The Hut Group was founded by Matthew Moulding and John Gallemore in 2004 with a £500k investment and focused initially on music and gaming products.
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