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(Alliance News) - THG PLC on Thursday said it was informed by Balderton Capital IV LP that the size of the secondary placing announced on Wednesday was increased to GBP250 million worth of shares following strong investor appetite.
The Manchester-based firm, which trades as the Hut Group, was informed by Balderton on Wednesday that it intended to sell 21.0 million shares via an accelerated bookbuild secondary placing. West Coast Capital Assets Ltd also intended to sell 3.2 million shares and other individual shareholders intended to sell 1.3 million shares.
Together, Balderton, West Coast and the other selling shareholders intended to dispose of 25.5 million shares but actually sold 32.9 million shares at a price of 760p per share, making the placing worth GBP250.0 million.
Shares in THG were down 1.9% at 770.00 pence in London on Thursday, giving the company a market capitalisation of GBP7.47 billion.
Balderton sold 27.4 million shares, West Coast selling 4.1 million shares and other individual shareholders selling 1.3 million shares.
The placing was managed by Barclays Bank PLC, Citigroup Global Markets Ltd, Goldman Sachs International and JP Morgan Securities, acting as joint global co-ordinators, and they acted as joint bookrunners with Jefferies International Ltd.
THG will not receive any proceeds from the placing, as it was of existing shares.
"Each of the sellers is subject to lock-up arrangements which were agreed at the time of THG's initial public offering and described in THG's IPO prospectus. The company and, in the case of certain of the sellers, the company and the joint global co-ordinators, have agreed to waive the sellers' lock-up arrangements with respect to the ordinary shares intended to be sold by the sellers in the placing, provided that the placing completes before January 18," said THG on Wednesday.
THG floated on the London Main Market back in September, raising GBP920 million for the company and GBP961 million for existing shareholders.
By Zoe Wickens; zoewickens@alliancenews.com
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