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The Hut Group has selected lenders to work on IPO: Sky News
Posted on Thursday, 30 July 2020 13:07
Online consumer goods retailer the Hut Group has selected lenders to underwrite its planned stock market flotation that could value the group at GBP 4.50 billion, according to Sky News.

Citing sources, the broadcaster observed that the UK-based business has appointed Citi, JPMorgan, Barclays, Goldman Sachs, HSBC, Jefferies and Numis to oversee what may be the largest listing in London in 2020 to date.

The lenders have been hired in recent days, the insiders noted, with plans said to include a GBP 1.00 billion sale of new and existing shares in the Hut Group taking place as soon as September.

According to its website, the company is billed as one of the world’s largest online retailers in beauty and nutrition, selling online in over 31 languages, 39 currencies and across 169 countries globally.

The Hut Group owns brands such as My Protein, Christophe Robin, ESPA, Illamasqua and Eyeko.

Discussions are still ongoing with the board to decide whether the fundraising, likely to be worth hundreds of millions of pounds, would be conducted in the public or private markets.

Sky News observed that the business has been holding talks with a string of blue-chip investors, including a Singaporean sovereign wealth fund.

Presentations are scheduled to be sent to analysts this week, the sources said, highlighting that an initial public offering is likely being considered.

The Hut Group surpassed GBP 1.00 billion in sales last year and sells third-party branded products such as items from Glossybox and LookFantastic.

According to Zephyr, the M&A database published by Bureau van Dijk, there have been 14 IPOs of UK-based companies signed off in 2020 to date.

In the largest of these so far, Royalty Pharma completed its stock market flotation on Nasdaq, raising USD 2.17 billion in proceeds.

Calisen, DRI Healthcare, Cabot Square Alternatives and Nippon Active Value Fund, among others, have also announced plans to go public this year.

© Zephus Ltd