Feb 2, 2021

Moonpig shares soar as IPO shows investor enthusiasm for ‘Covid winners’

Shares in greetings card company Moonpig soared as much as 28 per cent on its stock market debut on Tuesday as investor enthusiasm for "Covid winners" continued unabated. The shares were priced at 350p and the initial surge during conditional dealings - which takes place between the IPO pricing and the admission of the shares to the market - took them to 450p. Shortly after midday they were 437p, a rise of 25 per cent, giving the company a market capitalisation of £1.49bn. Moonpig chief executive Nickyl Raithatha said it was "The perfect time for us to bring the company to the public market, and we are excited about Moonpig's prospects". Senior executives including Mr Raithatha, finance director Andy MacKinnon and Kate Swann, the former chief executive of WHSmith and SSP who was appointed chair in 2019, are selling more than £10m of shares in the offer. The IPO represents another success for private equity backed retail in the UK. Shares in Watches of Switzerland, which was floated by Apollo at 270p in 2019, have more than doubled. Global co-ordinators JPMorgan and Citigroup had already indicated that the pricing would be at the top end and the number of shares on offer increased due to strong demand.

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