Four investment banks have been appointed to lead the first large UK initial public offering since the start of the Covid-19 pandemic, as IPOs have largely been put on ice through throughout 2020 even as capital markets revenues have surged.

Citigroup, JPMorgan, Goldman Sachs and Barclays have been named as joint global coordinators on the IPO of online beauty and nutrition firm, The Hut Group. The firm said it plans to sell £920m ($1.2bn) in new shares, making it the biggest UK listing since online train-ticket firm The Trainline's debut in June 2019.