The Beauty Tech Group — the Cheshire firm which owns brands including CurrentBody, ZIIP Beauty and Tria Laser — on Friday announced the successful pricing of its initial public offering at 271p per share.
“Based on the Offer Price, The Beauty Tech Group’s market capitalisation will be approximately £300 million at the commencement of conditional dealings on the main market for listed securities of the London Stock Exchange plc,” said the Cheshire company.
The shares rose about 2.5% to 286p on Friday, their first day of trading.
Laurence Newman, Founder and CEO of The Beauty Tech Group, said: “I am incredibly proud of everything The Beauty Tech Group has achieved since we launched CurrentBody in 2009.
“From establishing ourselves as a global leader in the fast growing at-home beauty technology market to successfully completing this milestone listing on the London Stock Exchange, the Group continues to go from strength to strength.
“As we enter the next stage of our growth journey, this IPO provides the perfect platform to increase awareness of our three distinct, premium brands and take the group to the next level, while delivering sustained and profitable growth.
“The continued momentum within the business and strong support from investors during our roadshow, gives us the confidence and financial firepower to fully capitalise on the significant opportunities that lie before us.
“Most importantly, I would like to thank everyone at The Beauty Tech Group. The business would not be where it is today without their dedication and hard work and I am excited to embark on this next chapter together.”
The firm added: “The offer comprises 10,701,107 new shares to raise primary capital of approximately £29 million, to ensure a debt-free position at IPO with sufficient working capital, and 28,605,654 existing shares being sold by shareholders of the company …
“This equates to a total offer size of £106.5 million and represents approximately 35.5% of the company’s issued share capital on Admission.
“Immediately following Admission, the company’s issued share capital will be 110,701,107 shares.”