(Alliance News) - Hut Group Ltd on Thursday priced its initial public offering at 500 pence per share, implying a market capitalisation on admission of around GBP5.4 billion.
The British e-commerce company confirmed its intention to list on the London Stock Exchange on Thursday last week and said at that time it hoped to raise around GBP920 million.
It has now said its offer of 374 million shares equated to a total offer size of around GBP1.87 billion, including the GBP920 million it hopes to raise from the issue of 184 million new share as well as around GBP950 million from the sale of about 190 million shares to be sold by existing directors.
The 500p per share offer price equates to a GP4.5 billion pre-money equity value, which excludes an offer proceeds received by the company, and implies a GBP5.4 billion market cap.
Hut has previously said that funds and accounts managed by BlackRock Inc, Henderson Global Investors Ltd, funds managed by Jupiter Fund Management PLC-owned Merian Global Investors Ltd, and Qatar Investment Authority, have each entered into "cornerstone agreements" with the company to subscribe for, in aggregate, GBP565 million of shares. This consists of GBP300 million from BlackRock, GBP100 million from Janus Henderson, GBP90 million from Merian and GBP75 million from QIA.
In addition to these, Dragoneer Investment Group LLC has now also signed a cornerstone agreement to subscribe for GBP50 million of shares. This takes the aggregate commitment from cornerstone investors to GBP615 million.
By Anna Farley; email@example.com
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