Moonpig Group PLC has announced that the offer price for its initial public offering will be 350p per share, giving it an initial market capitalisation of £1.2bn.
The flotation comprises 5.7mln new shares to raise gross proceeds of £20mln and 134.6mln existing shares being sold by certain existing shareholders equating to a total offer size of £491.2mln.
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In total, the offering represents 41% of the greeting cards retailer’s issued shared capital on admission, which totals 342mln shares.
Some selling shareholders are also making available an extra 14mln shares.
The online firm is set to make its debut on Friday, February 5, 2021, and is eyeing inclusion in the FTSE 250 index.
“Listing on the London Stock Exchange is an incredibly special milestone and will provide new opportunities for the business,” said chief executive Nickyl Raithatha in a statement.
“We are confident that Moonpig Group will continue to make gifting even more effortless for millions of people across the UK and internationally. As the leaders of a market undergoing an accelerating shift to online, now is the perfect time for us to bring the company to the public market, and we are excited about Moonpig's prospects for the future.”
Moonpig is one in a long line of IPOs planned for the London market in 2021, hot on the heels of bootmaker Dr Martens while takeaway delivery app Deliveroo is also on the menu.