Moonpig’s mooted £1bn float on the London Stock Exchange is set for liftoff after the pureplay announced its intention to publish a registration document today.
The gift card specialist announced its intention to float this morning, with a valuation of two times EBITDA, and said it had brought onboard banks Citigroup and JP Morgan to list the business.
According to its most recent results, the retailer’s revenues in the year to April 2020 — a period that included over a month of lockdown in the UK — reached £173m and an EBITDA of £44m.
The retailer said it was considering the float to “further raise the profile of the company”, as well as “provide it with a platform for continued growth”.
The pureplay also noted the strength of what it called its “proprietary technology platforms and apps” in a nod to the success of other tech-led retail floats, such as The Hut Group and the continued success of Ocado.
Moonpig also played up the strength of its leadership team, led by chief executive Nickyl Raithatha, chief financial officer Andy MacKinnon and chair Kate Swann.
Raithatha said: “Moonpig Group’s mission is to create moments that matter, helping people to connect by sharing meaningful cards and gifts. This is more important now than perhaps ever before.
“We have built a technology platform that harnesses data science and AI at every point of our customers’ journey, making it as effortless as possible for them to be as thoughtful as possible.
“The combination of our extensive range of personalised cards, curated gifts, high-speed logistics and unique predictive insights into gifting intent helps our 12 million loyal customers to remember, choose and create the perfect card and gift for every occasion.
“We are confident that Moonpig Group will continue to make gifting even more effortless for millions of people across the UK and internationally, and, as the leaders of the accelerating shift to online, now is the perfect time for us to bring the company to the public market.”
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