Moonpig sets £1.2 billion valuation for IPO
Following the intention to float announcement on 19 January 2021, Moonpig today announces the successful pricing of its initial public offering (the "Offer") at 350 pence per Share (the "Offer Price").
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Based on the Offer Price, the Company's market capitalisation will be approximately £1.2 billion at the commencement of conditional dealings on the main market of the London Stock Exchange.
Offer Highlights
· The Offer Price has been set at 350 pence per Share.
· Moonpig's total market capitalisation at the commencement of conditional dealings on the London Stock Exchange will be approximately £1.2 billion based on the Offer Price.
· The Offer comprises of approximately 5.7 million new Shares issued by the Company to raise gross proceeds of approximately £20 million and approximately 134.6 million existing Shares being sold by certain existing shareholders equating to a total offer size of £491.2 million and representing 41 per cent of Moonpig's issued share capital on Admission.
· An additional c.14.0 million Shares are being made available by the Principal Selling Shareholders pursuant to the over-allotment option.
· Immediately following Admission, the Company's issued share capital will be 342.1 million Shares.
Nickyl Raithatha, Chief Executive Officer of Moonpig Group, said:
"We are proud to be joining the main market of London Stock Exchange and I would like to thank everyone at the Group for their hard work. Listing on the London Stock Exchange is an incredibly special milestone and will provide new opportunities for the business. 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."
Admission and Dealings
· Conditional dealings in Moonpig Shares are expected to commence on the London Stock Exchange at 08:00 am (UK time) on 2 February 2021 under the ticker "MOON".
· Admission and the commencement of unconditional dealings is expected to take place at 08.00 am (UK time) on 5 February 2021.
· Full details of the Offer will be included in the Prospectus, which is expected to be published later today and will be available on the Company's website.
· Subject to Admission and satisfying the appropriate criteria, the Company may be eligible following completion of the Offer for inclusion in the UK's FTSE 250 Index.