Moonpig confirms £1.2bn stock market float

Moonpig, the internet greetings cards and gifts retailer, has confirmed plans for a £1.2bn float on the London stock exchange.

Exponent, the private equity firm that bought Moonpig in 2016, is set to flat in excess of 25% of the company, while fund manager Blackrock and tech investor Dragoneer Global Fund have committed to buying a combined £130m worth of shares.

Moonpig’s sales have benefited from a turn to online shopping, as its revenue for the six months to October 2020 surged to £156m, almost surpassing the £173m made in the whole year previous.

Nickyl Raintatha, chief executive at the group, put the success down to its “unique predictive insights into gifting intent”, as well as its “effortless” customer experience, according to the Financial Times.

He added: “As the market leading platform, with a strong track record, and a huge opportunity to grow, we are confident about our decision to become a publicly traded business.”

Raithatha is set to benefit directly from the float alongside Kate Swann, chairwoman at the retailer, with respective payouts of £11m and £7m upon successful completion.

Moonpig will reportedly publish its prospectus with further details next week, providing its 450 with shares in the company.