THG is exploring plans to list its MyProtein nutrition business in the US following pressure from activist investors to separate the division, The Telegraph reported.
Shareholder Kelso Group upped its stake in the listed company to 8m shares earlier this year and has advocated for chief executive Matt Moulding to spin off the MyProtein arm.
A potential listing raises eyebrows given THG’s track record as a listed business since it floated on the London Stock Exchange in 2020.
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The group’s share price has dropped over 90%, with its valuation plummeting from £6.5bn to £850m currently. Moulding has said the listing had “just sucked from start to finish”.
It is understood that THG had previously explored an IPO for its THG Beauty division, which include GlossyBox and Lookfantastic, but that the nutrition arm is now a likely contender.
The group explored a possible takeover deal from Apollo earlier this year in a move that would see the business return to a privately-owned one.
However, THG eventually terminated discussions soon after as it believed the offer undervalued the group.
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