Moonpig confirms $1.6 billion float as London prepares for a busy year of tech IPOs

LONDON — On-line card retailer Moonpig has confirmed that it plans to trot public on the London Stock Change in a £1.2 billion ($1.6 billion) trot with the chase subsequent month after search data from for its cards surged for the period of the coronavirus pandemic.

Moonpig, which moreover operates the Greetz heed within the Netherlands, talked about Tuesday that this might perchance listing no longer less than a quarter of the company on the switch’s main market thru an initial public providing.

U.S. merchants BlackRock and Dragoneer beget agreed to utilize £130 million on Moonpig shares when shares birth trading in February.

Moonpig Chief Govt Nickyl Raithatha is expected to create £11 million from the IPO, consistent with The Guardian newspaper, while chair Kate Swann is at possibility of create £7 million.

“As leaders of a market undergoing an accelerating shift on-line, we’re overjoyed to bring Moonpig Neighborhood to the public market. Our data-powered know-how platform makes it extremely easy for our possibilities to create more special moments for the of us they care about,” talked about Raithatha in a statement.

Moonpig, which has spherical 450 employees, is expected to submit its full IPO prospectus subsequent week.

Based mostly in 2000, Moonpig is the certain on-line market chief in cards, defending a 60% market piece within the U.Good enough amongst on-line card experts in 2019, consistent with estimates by consulting company OC&C.

The London-headquartered company announced its blueprint to trot with the chase closing week, announcing that it had amassed 12.2 million bright possibilities by Oct. 31.

The Moonpig web danger aspects over 20,000 cards and a range of items at the side of plant life, mugs, and goodies. Customers relate 46 million cards a year and 7 million items, Moonpig talked about.

For the financial year ending Apr. 30, 2020, Moonpig Neighborhood’s earnings used to be £173.1 million, with £126.5 million contributed by the Moonpig phase and £46.6 million contributed by the Greetz phase. The company talked about its earnings grew 44% between the financial year of 2019 and 2020.

Moonpig is the first U.Good enough. tech IPO of the year however there are a queue of other companies making ready to trot public.

Food delivery carrier Deliveroo is reportedly planning to listing in April at a valuation of between $8 billion and $13 billion, while currency switch app Transferwise might perchance moreover moreover trot public. In other places, cybersecurity company Darktrace and pension pot provider Pension Bee are moreover taking a beget a look at means stock market listings.

Most of the U.Good enough.’s biggest tech companies beget historically opted to listing on the tech-focused Nasdaq market or the New York Stock Change within the U.S. Nonetheless, the London Stock Change has been searching to persuade them to listing at dwelling in most up-to-date years.

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