Online greetings card and gift retailer Moonpig has debuted on the London Stock Exchange (LSE) with eyes on a market capitalisation of up to £1.2bn, with a share price of 350p per share.
The flotation is made up of 5.7 million in new shares, in order to raise £20m in funding.
However, 134.6 million existing shares have been sold by some existing shareholders – including GoldPoint Partners, Exponent, Citi and JP Morgan – worth around £490m.
Moonpig chief executive Nickyl Raithatha said: “Listing on the London Stock Exchange is an incredibly special milestone and will provide new opportunities for the business. We are confident that Moonpig Group will continue to make gifting even more effortless for millions of people across the UK and internationally. 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.”