The Hut Group's debut leads UK IPO market recovery

September 16, 2020
Fitness supplement shop MyProtein is one several ecommerce brands owned by The Hut Group. (Anne-Marii/Flickr)

The Hut Group, the company behind such ecommerce brands as MyProtein and Espa, saw its shares jump as much as 30% in its first day of trading, raising £1.88 billion in the UK's biggest ever tech IPO.

Manchester-based THG sold 376 million shares at 500 pence apiece, valuing the firm at £5.4 billion. The share price opened at 600 pence, reaching as high as 658 pence in early trading. BlackRock, Janus Henderson Investors, Merian Global Investors and the Qatar Investment Authority acted as cornerstone investors for the offering.

The float interrupts a prolonged lull in listings both in the UK and Europe, where the pandemic has battered volumes. Yet, the region still lags behind the US IPO market, where the recovery has been comparatively rapid. Nevertheless, the London Stock Exchange said in a statement that the listing was proof that European tech companies don’t need to list overseas to achieve multibillion valuations.
The Hut Group's debut leads UK IPO market recovery

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