Capital Markets Corporate

September 17, 2020

Instinctif Partners completes advisory role for UK’s largest ever tech IPO

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Instinctif Partners has completed its financial communications advisory role to the initial public offer (IPO) of THG, the Manchester-based ecommerce giant. The IPO was the UK’s largest ever tech IPO and the single largest stock market flotation since 2015.

The heavily over-subscribed IPO raised £1.88bn for THG and valued the company at £5.4bn.

THG operates its own proprietary ecommerce platform called THG Ingenuity which provides a fully integrated service for brand owners to sell their products direct to consumers. It also owns a number of brands itself in the prestige beauty and sports nutrition markets including ESPA and Myprotein.

THG was founded in 2004 by Matthew Moulding and John Gallemore and has grown rapidly since, employing more than 7,000 people, and ending 2019 with revenue of £1.1bn and adjusted Ebitda of £111.3m.

The company’s IPO was supported by a number of the world’s leading institutional investors including BlackRock, Dragoneer Investment Group, Henderson Global Investors, and Merian Global Investors. The proceeds of the IPO will be used to fund THG’s continuing growth both in its THG Ingenuity division and its beauty and nutrition divisions.

Matthew Moulding, Founder, Chairman and CEO, said: “THG’s IPO is a significant step forward for the company and the start of an exciting period of further growth and development. Instinctif Partners has provided us with expert counsel and execution for the IPO process and preparation for our new status as a public-listed company on the London Stock Exchange Main market.

Damian Reece, Managing Partner at Instinctif Partners, said: “Supporting ambitious growth companies in achieving their business objectives lies at the heart of what we do. I am delighted the IPO has been such a success for THG and we look forward to supporting them in the years to come.”

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