Moneysupermarket.com Group Limited has revealed that it intends to proceed with an initial public offering (“IPO”) of its Ordinary Shares, which are intended to be admitted to the Official List of the FSA and to trading on London Stock Exchange plc’s main market for listed securities.
Headquartered in Ewloe, moneysupermarket.com and its subsidiaries (together with the Company, the “Group”) operate two flagship websites, moneysupermarket.com and travelsupermarket.com. The Group’s websites attracted approximately 64 million visitors and approximately 523 million page impressions in the year ended 31 December 2006.
moneysupermarket.com‘s directors believe that the Group’s price comparison services offer a compelling value proposition to both consumers and product providers, simplifying consumers’ research, improving consumers’ shopping experience and enabling product providers and advertisers to target effectively their marketing spend.
The Group’s performance to date has been driven by the increasing use of broadband and the rapid growth in the online advertising market in the UK. moneysupermarket.com’s directors believe that the scalability of the Group’s business model, technology platform and diversified channel and product offering, differentiates it from its competitors and creates significant barriers to entry.
Commenting on today’s announcement, Chief Executive Simon Nixon said:
“We are delighted to make this announcement today. Over the past seven years, moneysupermarket.com has focused on building its internet business by putting consumers first and a public listing will help us to continue raising the profile of the Company as a consumer champion. We believe the strength of our brand and market position, combined with our consumer focus and record of innovation, mean we are well positioned to capitalise on the positive trends we see in our chosen markets”
Commenting on today’s announcement, Chairman Gerald Corbett stated “moneysupermarket.com is an exciting and dynamic business. I have been impressed with the strong management team led by Simon Nixon, and by the significant growth the business has achieved up to now. I believe that the Group has a bright future as a public company. I am committed to achieving the standards of corporate governance expected of an industry leading company”