* BlackRock selling 58 mln THG shares
* Sale at 10% discount to Monday's close
* THG shares hit record low
Nov 2 (Reuters) - THG's second-largest shareholder
BlackRock Inc is offloading nearly half its stake in the
company at a 10% discount, in the latest sign of investor
discontent with the British e-commerce group.
Deal bookrunner Goldman Sachs said on Tuesday BlackRock
would sell 58 million THG shares at 195 pence apiece, a 10.3%
discount to the stock's Monday close and well below its initial
public offering price of 500 pence.
BlackRock had a 10.13% stake of nearly 124 million shares as
of mid-October, according to Refinitiv data, making the U.S.
asset manager the No.1 institutional shareholder in THG and the
second-biggest after THG founder and CEO Matthew Moulding.
Shares of THG, which went public in a bumper IPO last year
and owns beauty retailer Lookfantastic and supplements firm
Myprotein, were down 6.7% by 0845 GMT on Tuesday after hitting a
record low of 198 pence.
BlackRock and THG declined to comment on the sale.
BlackRock's deal follows a rocky month for THG in which its
share price sank 35% in a single day after a poorly received
investor presentation that focused on its e-commerce technology
Investors were disappointed by a lack of specifics about the
business during the presentation. Japanese venture capital giant
SoftBank Group Corp, which took a stake in THG this
year, has an option to inject $1.6 billion into Ingenuity at a
valuation of $6.3 billion once it is spun off.
A series of measures by Manchester-based THG to soothe
investor nerves, from naming a SoftBank executive to its board
and pursuing a premium stock listing to Moulding giving up his
"golden share", have so far failed to stem the slide in its
(Reporting by Sachin Ravikumar in Bengaluru; Editing by
Ramakrishnan M. and Shounak Dasgupta)