The Hut Group has confirmed its intention to launch a £4.5bn stock market listing that would give the etail group a £5.4bn market capitalisation.

The online retail group, which owns brands including MyProtein and Glossybox, will be selling 35% of its shares through the listing for £5 a share, which is expected to raise £1.9bn in fresh funds for the business.

Of the shares sold, 20% will be newly issued and 15% will comprise existing shares, which will be sold by current shareholders to raise further capital.

 The Hut Group’s offer price equates to a £4.5 billion pre-money equity value, which implies a market capitalisation on admission of approximately £5.4 billion.

Dragoneer Investment Group, a venture capital firm that has previously invested in firms such as Airbnb, Netflix and Dollar Shave Club, has agreed to acquire £50m worth of shares as part of the float, joining other investment firms including BlackRock in acquiring shares.

When The Hut Group announced plans to float last month, founder and chief executive Matthew Moulding said: “Our intention to float The Hut Group on the London Stock Exchange reflects the achievements of the past but also our strong belief in the significant potential for THG in the future.

“THG has enjoyed strong growth since being founded in 2004, employing more than 7,000 people and establishing a track record of consistent delivery for our customers.”