(Adds background, further detail)
By Abhinav Ramnarayan
LONDON, Feb 2 (Reuters) - Online greeting card retailer
Moonpig priced its London initial public offering
(IPO) on Tuesday, valuing the company at around 1.2 billion
pounds ($1.64 billion) and paving the way for other e-commerce
companies to follow.
The deal, the second largest UK listing this year after Dr.
Martens' debut last week, sees the company sell around 5.7
million new shares and existing shareholders sell 134.6 million
shares at 350 pence each.
This sets the total deal size at 491.2 million pounds,
representing 41% of Moonpig's issued share capital on admission.
Like many other online retailers, Moonpig has seen its sales
soar during the pandemic, and is among the first of several
companies eyeing a stock market listing in Europe this year.
In London alone, Deliveroo and Darktrace are expected to
complete deals later this year, while in Europe, Germany's Auto1
is also on track for a listing.
A number of other firms such as WeTransfer in Amsterdam and
Trustly in Stockholm also have IPO aspirations, boosted by
increasing investor appetite for stocks showing strong potential
for growth in an uncertain global economic environment.
Citi and JPMorgan were joint global coordinators and joint
bookrunners on the Moonpig offering, along with HSBC, Jefferies
and Numis.
Moonpig's selling shareholders include a host of private
equity firms including GoldPoint Partners and Exponent, as well
as Hampshire County Council.
(Reporting by Abhinav Ramnarayan, editing by Sinead Cruise)
HSBC Holdings (HSBA)