UPDATE 3 — Manchester-based beauty and nutrition giant The Hut Group (THG) said some of its shareholders sold a total of 32.89 million shares in the company at £7.60 per share.

The Hut Group went public at £5 per share in September but since then its shares have soared to around £7.70.

In a stock exchange statement on Wednesday headlined “Partial Waiver Of Certain Lock-Up Arrangements,” The Hut Group said: “THG plc has been informed by Balderton Capital IV, L.P. of its intention to sell approximately 21.0 million ordinary voting shares in the company via an accelerated bookbuild secondary placing.  

“West Coast Capital Assets Limited also intends to sell approximately 3.2 million ordinary shares and certain other individual shareholders intend to sell in aggregate approximately 1.3 million ordinary shares.

“Together, Balderton Capital, West Coast Capital and the other selling shareholders intend to sell in aggregate approximately 25.5 million ordinary shares in the placing.

“The company has been informed that the placing will be managed by Barclays Bank plc, Citigroup Global Markets Limited, Goldman Sachs International and J.P. Morgan Securities, which conducts its UK investment banking activities as J.P. Morgan Cazenove, acting as joint global co-ordinators and the joint global co-ordinators and Jefferies International Limited acting as joint bookrunners.

“THG will not receive any proceeds from the placing. 

“Each of the sellers is subject to lock-up arrangements which were agreed at the time of THG’s initial public offering and described in THG’s IPO prospectus.

“The company and, in the case of certain of the sellers, the company and the joint global co-ordinators, have agreed to waive the sellers’ lock-up arrangements with respect to the ordinary shares intended to be sold by the sellers in the placing, provided that the placing completes before 18 January 2021.

“The sellers’ lock-up arrangements as described in THG’s IPO prospectus will otherwise remain in place in accordance with their respective terms.

“The lock up of Balderton Capital’s and West Coast Capital’s respective residual holdings will therefore remain 360 days from 21 September 2020, subject to specific exceptions outlined in THG’s IPO prospectus.

“The lock up of the residual holdings of the other selling shareholders will remain the later of 180 days from 21 September 2020 or the date of publication of the company’s annual financial statements for the year ended 31 December 2020, subject to exceptions.”

On Thursday, THG published an update, saying: “Further to its announcement of 13 January 2021, THG plc confirms that it has been informed by Balderton Capital IV, L.P. that the size of the accelerated bookbuild secondary placing of ordinary voting shares in the company was increased following strong investor appetite.

“Balderton Capital has informed the company that it sold 27,423,822 ordinary shares in the placing.

“West Coast Capital Assets Limited also sold 4,155,125 ordinary shares and certain other individual shareholders sold in aggregate 1,315,790 ordinary shares.

“Together, Balderton Capital, West Coast Capital and the other selling shareholders sold in aggregate 32,894,737 ordinary shares in the placing at a price of 760p per ordinary share.

“THG will not receive any proceeds from the placing.”