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THG founder Matthew Moulding has revealed he regrets the decision to float the company on the London Stock Exchange last year, adding that he “should have IPO’d in America”.
Moulding made the comments during an interview at the GQ Heroes awards, and as reported by The Times, also said that the experience of the IPO “sucked from start to finish”. He also added that if given the chance would “not have done it again”.
The news comes after a difficult period for the company which has seen its share price tumble since the successful listing in September 2020. Last month its shares plummeted by around a third (34.75%) following its Capital Markets Event which the retailer used to outline its technology platform named Ingenuity.
Ingenuity aims to provide stand-alone digital services, including hosting, studio content, translation services and beauty product development and manufacturing to consumer brand owners.
Since its IPO in September 2020 THG has seen its value decrease by over half and is currently valued at £2.39bn.
During the same interview with GQ, Moulding said that he believes the company is currently the victim of short sellers and also hinted that if shares do not recover he could take the company private again.
He told GQ: “…At the moment, the plan is I’m just going to keep doing what I’m doing, I’m just going to trade through key peak trading period, smash our numbers like we’ve always been doing and, you know, I’ll take a view.
“Equally, it doesn’t have to… we do have other options in terms of I’m a big shareholder – more than half of the business is owned by me and a few people that I’m close with. So, you know, the share price only moves because of the balance of shares that might trade around. So I’ll just [keep an] open mind.”
