The Hut Group prepares to trade after sealing bumper $7 billion London IPO

This article was originally published on this site

British Prime Minister Boris Johnson (L) is shown around by The Hut Group founder and CEO Matthew Moulding (R) during a visit to a fulfillment center in Warrington, in north-west England on December 10, 2019.

BEN STANSALL | POOL | AFP via Getty Images

E-commerce firm The Hut Group is preparing for its first day of trading on Wednesday after batting away corporate governance concerns to seal the first major British initial public offering since the start of the Covid-19 crisis.

The company, which helps sell retail brands including Lookfantastic and skincare group ESPA, sold 376 million shares at 500 pence each, valuing the company at 5.4 billion pounds ($6.96 billion), in the biggest London debut since 2013.

JP Morgan, Citi, Barclays and Goldman Sachs were global coordinators while HSBC, Jefferies and Numis acted as joint bookrunners.