MOONPIG Shares Hit London Stock Market Valued At £1.2bn with shares rising 17 per cent on the day
Moonpig, the online greeting card company, became the second household name to float on the London stock market this year – following on from the success of Dr Marten’s last Friday – as they hit the trading floor on Tuesday, February 2.
The sales of online cards have risen during the pandemic, due to the closure of stores, with lockdowns preventing people from going out shopping, and Moonpig took advantage of this when floating their shares at 350p per share, at the opening of trade.
At one point during the day, shares were trading at around 440p but closed the day at 410p, a rise of 17 per cent on the day, with Moonpig selling around 5.7 million in new shares while existing shareholders’ interests made up the bulk of the offer.
Dominick Mondesir, the PitchBook analyst, reflected, “The short-term performance of the Moonpig IPO reflects equity investors’ willingness to pay for growth, especially for tech-enabled assets. The stock was priced at the top end of its valuation range and surged in its first day of trading”.
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