Shares in online greetings card company Moonpig rose by 25% within minutes of its debut on the London Stock Exchange this morning.
Stock in the company was trading at around 440 pence a share shortly after floating at 350p. Based on the offer price, Moonpig’s valuation was £1.2bn.
The group, which also trades under the Geetz brand in the Netherlands, holds a 60% market share in the UK among online card specialists.
It has enjoyed a sales boom during the pandemic, with revenue for the six months ending October 31st 2020 up 135% year on year, to £155.9m.
Exponent Private Equity has owned the business since 2016 after acquiring its parent business Photobox. Moonpig was founded 20 years ago by Nick Jenkins, who sold out for £100m in 2011.
Two years ago it opened a tech hub in Spinningfields in Manchester.
Nickyl Raithatha, CEO of Moonpig Group, said: “We are proud to be joining the main market of London Stock Exchange and I would like to thank everyone at the group for their hard work.
“Listing on the London Stock Exchange is an incredibly special milestone and will provide new opportunities for the business.”
Moonpig is one of a number of IPOs planned for the London market this year.
Raithatha added: “As the leaders of a market undergoing an accelerating shift to online, now is the perfect time for us to bring the company to the public market, and we are excited about Moonpig’s prospects for the future.”
