The Hut Group has “confirmed its intention” to proceed with its £920m flotation on the London Stock Exchange.
It will be the first major London listing since the Covid-19 pandemic, and should it raise the £920m, it would be the biggest listing of a British company since 2013, valuing at it at £4.5bn.
The offer will be comprised of new shares and existing shares, which are being sold by existing shareholders.
Directors say the fundraise will support growth plans by “increasing THG’s public profile and brand awareness as well as providing a base of long term shareholders whilst also providing potential liquidity opportunities for shareholders.”
Funds and accounts managed by BlackRock, Henderson Global Investors Limited, Merian Global Investors (UK) Limited and Qatar Investment Authority (“QIA”), have already agreed to acquired £565m of the shares on offer.
THG is working with Citigroup, J.P. Morgan Securities plc, Barclays Bank PLC and Goldman Sachs International as Joint Global Co-ordinators.
HSBC, Jefferies and Numis are joint bookrunners.
N.M. Rothschild & Sons Limited is the sole Financial Adviser to the Company.