The Hut Group (THG) $2.4B IPO Breaks Record

Sep 18th, 2020

Jeb Gleason-Allured

THG's IPO was massive, generating funds to pay down debt.

THG's IPO was massive, generating funds to pay down debt.

The Hut Group (THG) led Europe's largest-ever e-commerce and tech IPO, per a Barron's report. The company, which has rapidly expanded its e-commerce reach, sold 376 million shares and raised £1.88 billion ($2.4 billion). This granted THG a market capitalization of £5.4 billion.

The IPO has provided THG with £920 million, which the company will use to pay down debt. Founder, chairman and CEO, Matthew Moulding, and other shareholders, will share gross proceeds of £961 million, Barron's notes.

Under terms of the IPO, Moulding will retain control of the company for three years.

The company has been growing rapidly, signing £100M+ in brand deals in June and creating a partnership with Singapore Airlines in May to support international growth.

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Funds will be used to "refinance recent acquisitions of additional ownership in the prestige fragrance label Byredo and Charlotte Tilbury brands," while setting the company up for future acquisitions and expansions in Asia Pacific and skin care.

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