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Investegate |NFT Investments PLC Announcements | NFT Investments PLC: NFT Investments Intention to Float on AQSE
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Beckham-backed cannabinoid firm Cellular Goods soars in U K IPO - Article
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David Beckham (Photo: Getty/Gallo Images)
Cellular Goods, which is backed by retired soccer star David Beckham, surged more than fourfold as it started trading in London after raising £13 million (R270 million) in an initial public offering, part of a rush of cannabis-related listings in the City.
The stock soared 310% to 20.50 pence at 8:15 a.m. in London from its IPO price of 5 pence. The offering valued the company at 25 million pounds.
Cellular Goods, which is developing skin-care and topical creams to provide relief for athletes, said demand for its IPO exceeded the deal size 13 times, helping it raise more than the original 8 million-pound target. The company’s cannabinoids are made in a lab, rather than being derived from plants.