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London IPOs firmly in fashion as Trustpilot, In The Style announce plans to float

London’s IPOs keep coming as two tech companies have announced plans to float in March.

Online review platform Trustpilot is targeting a main-market listing that is expected to value the firm at £1bn.

The Denmark-based company plans to raise gross proceeds of US$50mln to support its growth strategy and repay debt.

Following admission, it would have a free float of at least 25% of issued share capital and expects to be eligible to join the FTSE UK indices.

Founded in 2007 by chief executive Peter Holten Mühlmann, the Copenhagen-headquartered business said it is eyeing a US$6.3bn market opportunity in the UK, the US and Europe as consumers often seek other people’s opinions before making online purchases.

As of December 31, it hosted 120mln reviews of over 529,000 domains.

Remaining in the theme of e-commerce, budget fashion retailer In The Style is looking to join AIM on March 17.

The eight-year-old online retailer, which mostly caters to young women, would be valued at £100mln, according to the Evening Standard.

Unlike other platforms, it sets up long-term agreements with influencers to collaboratively design, develop and promote branded fashion collections, as a strategy to drive up sales and engagement.

It’s planning to hire two new, independent non-executive directors, Nancy Cruickshank and Adam Bellamy, once admitted to the junior market.

Cruickshank currently holds the same role at FTSE 100 bookie Flutter Entertainment () and Polish online marketplace Allegro Group, and Bellamy at bowling operator Ten Entertainment () and restaurateur Loungers ().

There were also reports that Switch Mobility, the electric bus company formerly known as Optare, is mulling an IPO in the US via a merger with a special purpose acquisition company (SPAC) listed in New York.

Switch is owned by Ashok Leyland, the Indian-listed group controlled by the billionaire Hinduja family, was reported by Sky News to be working on a possible float that would value Switch Mobility at US$1.5-2bn.

This comes as fellow UK-based electric vehicle maker, Arrival Group, which has been backed by Hyundai, is on track to complete its merger with a US-listed SPAC called CIIG Merger Corp (NASDAQ:CIIC) on March 19.

Upon closing, the combined company will be valued at US$5.4bn and listed on NASDAQ under the new ticker symbol ‘ARVL’, with around US$660mln of gross cash proceeds going to the company. 

Arrival says it can produce EVs competitive in price with fossil fuel alternatives and substantially lower than comparable EVs, using its proprietary hardware, software and robotics technologies and low-cost ‘microfactories’.

Arrival has signed contracts with a total order value up to US$1.2bn and its first products are planned for production in the final quarter of 2021.

Read More: London IPOs firmly in fashion as Trustpilot, In The Style announce plans to float

2021-03-01 09:40:00

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