OnlyFans, the online platform where sex workers, influencers and celebrities sell subscription content, explores a stock sale to new investors.
Documents presented to Companies House this week show that Fenix International, the parent company of OnlyFans in the UK, had increased its number of shares from 100 to 1m.
A person close to the company said management had held discussions about whether to “expand the property”, adding that the revised capital structure gave it “the potential to do so”.
The popularity of the British group exploded during the closures, taking it from less than 20m users before Covid-19 hit more than 120m, as bored consumers went online for entertainment and out-of-work animators sought to generate money.
The platform allows content creators from fitness instructors and musicians to erotic stars to upload and sell video clips, messages and articles directly to fans who pay between $ 5 and $ 50 a month, with OnlyFans taking a 20 per hundred transactions.
In April, when OnlyFans revealed seven times as many transactions at £ 1.7bn, executive director Tim Stokely declined to comment on whether the company could be listed because of a first public offering or sale to a private company. ‘acquisition for special purposes.
OnlyFans has been “often approached by people … including Spacs,” the person familiar with the deal said Wednesday, adding that the shareholders included majority owner Leonid Radvinsky, an entrepreneur behind the porn site MyFreeCams, they were not interested in selling the whole business.
However, the current owners plan to sell a portion of their stake, the person said. “In addition to receiving dividends, the existing property would want to realize a portion of its profit,” he added.
OnlyFans is a family-run company that was founded in 2016 by Stokely and his father Guy, a former Barclays investment banker. The company also hires Tim’s brother Thomas as its chief operating officer.
Celebrities including American rapper Cardi B and English rugby player Chris Robshaw have most recently joined the platform, seeking to monetize their vast followers on social media. Stylist Rebecca Minkoff launched a OnlyFans account this year to show behind-the-scenes footage of New York Fashion Week.
The company, which expects pre-tax profits of more than £ 300 million in the financial year to November, paid £ 20 million in dividends last year mainly to Radvinsky, who acquired the company in 2018 .
The company said its main audience is in the United States and that growth is particularly strong in Latin America and continental Europe. In the year to November, revenues grew more than sevenfold to £ 283.5 million, while pre-tax profits rose from £ 6 million to £ 53 million, according to company submissions.
The revenue size and growth rate suggests that OnlyFans could have a valuation of billions of pounds if it goes public, making it one of the UK’s largest technology companies.
Only Fans declined to comment.