// The Hut Group founder and CEO Matthew Moulding plans £4.5 billion stock market float
// The planned IPO includes a proposed offer of new shares to raise £920 million
// Moulding could pocket more than £700 million of shares through a bonus scheme
The Hut Group has listed plans for a £4.5 billion stock market float, which could see co-founder, chief executive and executive chairman Matthew Moulding receive one of the biggest payouts.
The planned IPO includes a proposed offer of new shares to raise £920 million plus a sale of existing shares of an amount to be confirmed at a later date.
It will be a free float of at least 20 per cent in a standard listing on London’s main stock exchange and will leave Moulding in control.
READ MORE:
- The Hut Group hires 7 banks to handle potential £4.5bn IPO
- The Hut Group sales smash £1bn in “significant year”
The online retailer generated £1.14 billion last year, while adjusted earnings before interest, taxes, depreciation and amortisation were £111.3 million.
The group had six-month sales of £675.6 million and adjusted EBITDA of £60.5 million to June 30.
Moulding will share in a £1.2 billion payout if the company’s market value hits certain thresholds by the end of 2022.
He could pocket more than £700 million of shares through a bonus scheme which will pay out if the company is worth at least £7.25 billion by December 2022.
The float, which is London’s biggest so far this year will mean The Hut Group sells between £500 million and £900 million of new shares to institutional investors.
The Hut Group employs around 7000 people and trades in 169 countries.
The firm hopes to go public on September 16.
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