Moonpig plans £1bn London float after lockdown boom
Digital card company Moonpig is set to be the first British unicorn to go public this year as its private equity owners plan an IPO.
Moonpig, which has been owned by Exponent Private Equity for four years, is set to outline plans for a £1bn flotation within the next fortnight, first reported by Sky News.
It is understood the plans could be posted as early as next week with a valuation north of £1bn.
The online gifting platform was an early entry to the e-commerce market at its launch in 2000 and has enjoyed meteoric sales during the pandemic.
It jumped on lockdown trends, rolling out a Big Night In limited edition set of e-cards with celebrity collaborations during the pandemic.
The fate of Moonpig, which will be the first of what is hoped to be a long line of IPOs, is in stark contrast to its high street peers.
This week it was reported that Paperchase is on the brink of administration as pre-Christmas store closures put an “unbearable strain” on the company.
Moonpig has scooped up the market share of its rivals such as Clintons in recent years and is now the UK’s largest online greeting card company.
The business recorded a pre-tax profit of £33m for the year, up 137 per cent compared to the same period last year, after adding 1m customers in the first eight weeks of lockdown.
Moonpig’s IPO will be the first of the year with Darktrace, Deliveroo and Transferwise are all tipped for public listings this year following a slow 2020 for London’s stock market.
Moonpig declined to comment.