Moonpig looks to £1bn stock market listing

Online greeting cards business Moonpig is understood to be eyeing up a stock market listing, valuing the firm at more than £1 billion.

The plans for a stock market flotation are expected to be set out in more detail as early as next week and will be the first significant listing of the year.

Moonpig has been owned by Exponent Private Equity since 2016 as part of a deal to buy parent company Photobox, which makes personalised photo gifts.

Chairwoman Kate Swann will oversee the potential listing, first reported by the Times, and is expected to use her influence transforming WH Smith where she instilled heavy cost-cutting measures.

Ms Swann went on to run SPP, owner of travel hub chains Ritazza and Upper Crust, which has struggled due to the Covid-19 pandemic keeping workers and tourists at home.

She was responsible as chief executive of SSP for bringing the business to the London Stock Exchange in 2014 and announced her departure in 2018.

Alongside Moonpig, she also chairs pet care chain IVC Evidensia – itself said to be eyeing up a public listing.

IVC Evidensia’s boss is Stephen Clarke – who worked alongside Ms Swann at WH Smith before replacing her in 2013

Moonpig currently has 12 million customers and sends 45 million cards a year but is trying to position itself as a technology business, using customer data and predictive technology.

Bosses hope harvesting customer data will help remind them of birthdays and cash in on additional gifts, including flowers where it sits as one of the UK’s top five florists.

The move will come in the same month rival Paperchase said it was looking at bringing in administrators earlier this week due to plunging sales, putting 1,500 jobs at risk.

Moonpig by comparison has benefitted from the lockdown, with families and friends turning to gifts and cards to help get through long periods without contact.

A spokesperson for Moonpig declined to comment.