Online retailer The Hut Group (THG) has confirmed its intention to launch a stock market flotation that values the company at around £4.5bn.
The group plans to raise £920m through the sale which, according to Sky News, could lead to its founder Matthew Moulding receiving up to £700.
It cites that Moulding’s payout is contingent on an uplift in The Hut Group’s value after its initial public offering (IPO) of over 30% to £7.25bn.
The retailer said it plans to use the listing to help fund rapid growth of the business.
The group, which comprises online brands such as Illamasqua, lookfantastic and MyBag, has also reportedly set an initial date of 16 September for shares to begin trading.
Matthew Moulding, founder CEO and chairman of THG, said: “Our intention to float THG on the London Stock Exchange reflects the achievements of the past but also our strong belief in the significant potential for THG in the future. THG has enjoyed strong growth since being founded in 2004, employing more than 7,000 people and establishing a track record of consistent delivery for our customers.
“The brands we own today give us leading strategic positions in prestige beauty and nutrition, powered by Ingenuity, our differentiated proprietary direct-to-consumer e-commerce solution.”
He added: “Ingenuity powers not just our brands but those of many other leading consumer brand owners around the world creating a highly resilient, vertically integrated business with significant growth opportunities.”
THG has appointed Citi, JPMorgan, Barclays Bank and Goldman Sachs to lead the work on the IPO.