Moonpig plans £1.2bn floatation

moonpig app

Moonpig has confirmed plans for a stock market flotation valued at £1.2bn.

The greeting card and gifts retailer has seen a surge in demand over the pandemic and will float at least a quarter of the company.

Shares are expected to start trading next month. BlackRock and Dragoneer Global Fund have already agreed to buy £130m of the shares –  £80m and £50m respectively.

Moonpig has seen strong demand since the start of the pandemic. The group has over 12 million customers and has performed well compared to high street equivalents who were forced to close.

Chief executive, Nickyl Raithatha, said: “As leaders of a market undergoing an accelerating shift online, we’re delighted to bring Moonpig Group to the public market. Our data-powered technology platform makes it incredibly easy for our customers to create more special moments for the people they care about.”

“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.”

In the year to April 30, Moonpig made underlying earnings of £44.4m, which is a 44% year-on-year increase.

In the six months to October 31, it sales jumped 135% to £155.9m.