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Highlights
- Online retail giant, The Very Group, is expected to go public in mid-2023 at a valuation of £4 billion.
- The Barclay family, which owns The Very Group, has expressed its intention to float the company on LSE.
- The Very Group’s sales have been growing post the pandemic, and it reported pre-tax profits of £81.7 million in 2021.
Online retail giant, The Very Group, has revived its plans to go public. The plan for a £4billion IPO was stalled last year due to market instability. According to recent reports, the Barclay family, which owns The Very Group, has expressed its intention to float the company on the LSE (London Stock Exchange) by mid-2023.
Revival of IPO plans
The Very Group provides its customers with online retail and financial services in the UK and Ireland. The group is behind the operations of digital retailers Very.co.uk and Littlewoods.com. After the 2022 IPO plans were postponed, the £4billion IPO of the Liverpool-based firm is now expected to be launched by the middle of the next year. Reportedly, senior managers in the company have already been presented with incentives for planning the floatation.
The group sells an array of items to its customers, ranging from food to furniture to fashion products. The overall sales of the company have grown significantly post the pandemic. There was a 13% rise in the revenues generated by the group in the 12 months to the end of June 2021, with its total revenue standing at £2.3 billion. The e-commerce group reported pre-tax profits of £81.7 million. Today, the Very Group is among the biggest online retailers in the UK, and thus its float is much awaited.
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The IPO market has been going through a slowdown since the escalation of the Ukraine war, which has impacted the overall investor sentiment. Amid soaring inflation, the turbulences in the market have impacted the valuations of many companies, especially the tech firms. Share prices of several companies have been plummeting due to the market fluctuations, and if the market doesn’t stabilise soon, the Very Group may also have to deal with the same post its listing.
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Bottomline
The Very Group is all set to go for a London listing in the coming year, and the funds raised through the IPO may potentially help the company in further expansion. Though, amid the rising inflation and crashing tech stocks, concerns have been rising regarding the company being able to achieve the expected £4 billion valuation. The listing date, price band, and other details haven’t been revealed by the company yet. Therefore, more information is expected to be disclosed soon and can be referred from the company’s website.
