Online retailer The Hut Group plans £4.5bn listing
Online retail firm The Hut Group plans to sell shares to the public in a move that could generate large payouts for its founder and staff.
The listing in London could value the company at £4.5bn and it plans to raise £920m through the sale, it said.
If the company performs well, it could land founder Matthew Moulding a £700m windfall.
The group’s brands include makeup lines Lookfantasic and Illamasqua and sports nutrition firm Myprotein.
It would be the largest share sale in London this year, amid a downturn in stock market debuts around the world.
The global number of initial public offerings (IPOs), as the deals are called, fell 19% in the first half of the year, according to accountants EY, as the coronavirus pandemic dented investor confidence.
The company said it wanted to use the money it raises from the flotation to expand its business as more consumers buy online.
Mr Moulding’s payout is said to be contingent on him delivering very rapid growth, taking the company’s valuation to £7.25bn in two years.