(Sharecast News) – Online greetings card firm Moonpig on Tuesday confirmed it was proceeding with its stock market float, valuing the group at up to £1.2bn.
The firm said at least 25% of its share capital would made available the initial public offering (IPO), set to take place next month.
Investment firms BlackRock and Dragoneer have already signed up for £80m and £50m worth of shares respectively.
Moonpig is backed by Exponent Private Equity Partners, which owns a 41.3% stake. The company last week said it was considering going public as it looks to expand and capitalise on the surge in demand for online cards and gifts amid the Covid-19 pandemic.
It joins the line IPOs as firms look to take advantage of stock market optimism over vaccines. Iconic UK footwear brand Dr Martens plans a £3bn flotation in February.
“As the market-leading platform, with a strong track record, and a huge opportunity to grow, we are confident about our decision to become a publicly traded business,” said Moonpig chief executive Nickyl Raithatha.
The firm said only around 10% of card purchases were made online in 2019, which is forecast to double to 20% by 2021.
Moonpig already has 12.2m customers, sending 46m cards a year but is trying to position itself as a technology business, using customer data and predictive technology.