The Hut Group has chosen seven banks to work on a potential £4.5 billion Initial Public Offering (IPO).

Sky News reported that the online consumer goods group has hired Citigroup, JP Morgan, Barclays, Goldman Sachs, HSBC, Jefferies and Numis to assist with the stock exchange listing.

This would be formed of a £1 billion sale of new and existing shares, with investors like Baillie Gifford and TSG Consumer Partners already in talks about fundraising either through public or private markets.

At least 15 per cent of the company’s shares are expected to be placed with new investors in the next few months.

The Hut Group - known for its beauty and wellness brands - stated that it holds annual discussions with investors about future investment options, to “support global growth plans” as a private company.

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

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