LSE – Moonpig Confirms IPO Plans on London Stock Exchange
Moonpig has hired Citigroup and JPMorgan Cazenove as the global coordinators of its IPO.
Personalized greeting cards, gifts, and flowers retailer Moonpig Group Plc has confirmed plans to conduct an Initial Public Offering (IPO) in its effort to go public on the London Stock Exchange (LSE). According to the official release by the company, the IPO is expected to be done in February 2021 and reiterated that the final share price for the offering will be determined after a book-building process.
The Moonpig IPO will be the first of its kind on the main London bourse this year but expectations are that the stock exchange will witness an influx of public listings by its homegrown companies. The Moonpig IPO is expected to rake in about £1.2 billion ($1.6 billion) according to a CNBC report and prominent investors that have been tagged with the upcoming IPO include BlackRock Inc (NYSE: BLK) and Dragoneer with the duo expected to pump in as much as £130 million on Moonpig shares.
The plans by the London-based firm comes amid increased patronage during the ravaging months of the coronavirus pandemic.
“As leaders of a market undergoing an accelerating shift online, we’re delighted to bring Moonpig Group to the public market. Our data-powered technology platform makes it incredibly easy for our customers to create more special moments for the people they care about,” said Nickyl Raithatha, Chief Executive Officer of Moonpig Group.
“With our curated gifts and personalised cards, high-speed logistics and unique predictive insights into gifting intent, we make the art of remembering, choosing and creating the most thoughtful card and gift as effortless as possible. As the market leading platform, with a strong track record, and a huge opportunity to grow, we are confident about our decision to become a publicly traded business,” added he.
Moonpig’s growth over the years and particularly in the past financial year ending April 30, 2020, gives the basis for this intended IPO. The firm raised its revenue to £173.1 million, with £126.5 million contributed by the Moonpig segment and £46.6 million contributed by the Greetz segment, its subsidiary that is based out of the Netherlands.
Additional Details of the Moonpig IPO
According to the company, it will be offering only 25% of its total shares through the IPO while noting that it may be increasing this offering by “10% of the total Offer Shares will be made available by certain existing shareholders pursuant to an over-allotment option.”
Moonpig has hired Citigroup Inc (NYSE: C) and JPMorgan Cazenove as the global coordinators of the IPO while the list of bookrunners includes HSBC Holdings plc (LON: HSBA), Jefferies International Limited and Numis Securities Ltd, a subsidiary of Numis Corporation PLC (LON: NUM).
For a region whose companies are always seeking foreign public debut, the Moonpig IPO may herald about of new listings which will be a crown on the several attempts to convince firms to list on the LSE.
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
LSE – Moonpig Confirms IPO Plans on London Stock Exchange
