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Published
Sep 11, 2020
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The Hut Group IPO shares priced at £5, will list next week

Published
Sep 11, 2020

The Hut Group’s much anticipated IPO will see its shares priced at £5 each giving it a market capitalisation of £5.4 billion, the company has said. It added that the 374 million shares being sold make up around 35% of the company’s total share count.


The Hut Group



The IPO is making news because it's the largest such listing of a UK company since 2013 and coming in the middle of the pandemic crisis makes it even more newsworthy. 

The shares being sold add up to around £1.87 billion and include both new and existing shares with the new issue set to raise £920 million. 

The company said that Dragoneer Investment Group has struck a deal to buy £50 million worth of shares, while other investors that have committed a further £565 million include BlackRock, Henderson Global and funds managed by Merian Global Investors and the Qatar Investment Authority. Some existing shareholders are selling part or all of their stakes.

The shares will list on the London stock exchange on September 16 and the strong demand for them underlines the fast growth that the 16-year-old company has seen in recent periods. The company has opted for a standard listing but had it chosen a premium listing, it would have been part of the elite FTSE 100 given the size of the IPO. The standard listing is constructed in such a way that founder and CEO Matthew Moulding retains control and can veto hostile takeovers.

The demand for the shares has been high as its beauty retail offer has expanded but also as a number of external companies have entered into agreements to use its THG Ingenuity offer to help boost their own web operations.

Revenues were £1.1 billion last year, a rise of almost 25%, and adjusted earnings before tax and interest reached over £111 million. The company has already said that its growth continues to surge with the first six months of this year seeing an almost 36% rise, making the business one of the winners from the pandemic.

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