The Hut Group Limited confirmed the offer price for its initial public offering (IPO) was set at 500 per share, valuing the health and beauty group at £5.4bn.
It is a market capitalisation higher than FTSE 100 constituents Rightmove and Morrisons, valued at £5.3bn and £4.5bn respectively, and online shopping giant ASOS, worth £4.6bn on Thursday.
The IPO will offer 374mln shares for £1.8bn, representing 35% of the holding.
It would be one of the largest floats London has seen in the past few years and perhaps a beacon of hope in the dearth of new listings seen during the coronavirus crisis.
— Jonathan Eley (@JonathanEley) September 4, 2020
But The Hut Group is not alone: after an unusually quiet six months, another four companies have rushed to announce their floating plans in the space of a week – with some pretty big names on the cards.
Guild eSports, the esports team co-owned by David Beckham, wants to raise £20mln via an IPO expected to value the whole company at £50mln, so it can recruit professional video gamers to play in Fortnite, CS:Go, Rocket League and FIFA.