MOONPIG, the online greeting cards group that has seen sales surge during pandemic lockdowns, debuted on Tuesday (2) on the London Stock Exchange with a valuation of £1.2 billion.
It quickly shot above the valuation level as its offer price of 350 pence per share reached 440 pence at the start of trading reserved for institutional investors. Full trading begins on Friday (5).
Moonpig, bought in 2016 by British private equity group Exponent, has floated 41 per cent of the business.
"Listing on the London Stock Exchange is an incredibly special milestone and will provide new opportunities for the business," Moonpig chief executive Nickyl Raithatha said in a statement.
"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."
British app-driven meals delivery service Deliveroo is planning to list later this year.
"We can expect more announcements like this from UK companies this year as we see UK Tech come into its own, which has particular importance in a post-Brexit world," Stephen Kelly, chair of consultants Tech Nation, said in a statement Tuesday.
The incident occurred on the same day Labour leader Sir Keir Starmer addressed the audience at London Tech WeekGetty Images
The business was started by Sir Anwar Pervez.getty images