StockMarketWire.com - Online greeting cards group Moonpig confirmed that it was planning an initial public offering for February, targeting a free float of at least 25% of its shares on admission.

The offer price would be determined by way of a book-building process, the company said.

The offer would comprise a secondary offer of shares sold be certain existing shareholders and a primary offer of new shares.

Moonpig said it was targeting less than 2.0 times net debt to earnings before interest, tax, depreciation and amortisation at at the end of April.

'In connection with this, the primary offer of new shares is expected to raise gross proceeds of circa £20 million,' it said.


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