(Adds details on valuation, background and quote)
LONDON, Jan 12 (Reuters) - Online greetings card company
Moonpig is planning a London stock market listing that could
value the private equity-backed firm at more than one billion
pounds ($1.36 billion), sources familiar with the plans said on
Tuesday.
The company, which operates in Britain as Moonpig and in the
Netherlands as Greetz, is targeting net debt of two times
earnings before interest, taxes, depreciation and amortisation
(EBITDA), it said in a statement.
Moonpig, which is 41% owned by Exponent Private Equity
Partners III, is expected to target a free float of at least 25%
and has lined up several big name investment banks to handle its
share offering, including Citi, JP Morgan, HSBC, Numis and
Jefferies.
The company generated revenues of 173 million pounds in the
year to April 2020 and of 156 million pounds in the half-year to
October 2020, the company said.
"As the leaders of the accelerating shift to online, now is
the perfect time for us to bring the company to the public
market," said Moonpig CEO Nickyl Raithatha.
Moonpig, specialist footwear retailer Dr. Martens and
infrastructure fund Foresight have all announced listing plans
this week, to take advantage of increased interest in UK
equities.
($1 = 0.7373 pounds)
(Reporting by Carolyn Cohn, editing by Sinead Cruise)
HSBC Holdings (HSBA)
