Hut Group confirms plans for £4.5bn IPO

The Hut Group has confirmed plans for a £4.5 billion Initial Public Offering (IPO).

The listing includes a proposed offer of new shares to raise £920 million, plus a sale of existing shares of an amount to be confirmed at a later date. Filings state it will be a free float of at least 20 per cent on the main London Stock Exchange.

Co-founder, chief executive and executive chairman Matthew Moulding is set to share a £1.2 billion payout if the company’s market value hits certain thresholds by the end of 2022.

At the end of July, it was reported that the group had hired Citigroup, JP Morgan, Barclays, Goldman Sachs, HSBC, Jefferies and Numis to assist with the fundraise.

In 2019, the company raised €1 billion to help fund expansion plans, with significant investment from BlackRock and Sofina.

Statements showed that the online retail group generated revenue of £1.14 billion last year, while adjusted earnings were £111.3 million. Six-month sales of £675.6 million brought earnings before tax of £60.5 million to 30 June.

The Hut Group employs around 7000 people and trades in 169 countries. It plans to go public on 16 September.

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