Shares of Beauty Tech Group (LSE:TBTG) jumped on their London Stock Exchange debut Friday, opening at 287.40 pence — roughly 5.2% above the IPO price of 271 pence, which placed the company’s valuation at around £300 million ($403 million).
Headquartered in Cheshire, Beauty Tech specializes in at-home beauty devices featuring technologies such as LED lights and lasers.
The IPO comprised 10.7 million new shares expected to raise £29 million, together with 28.6 million shares sold by existing shareholders. The combined offering represents approximately £106.5 million, or about 35.5% of the company’s issued share capital.
The listing occurs amid a subdued London IPO market, which has seen slow activity this year, with some companies choosing to list overseas despite recent reforms intended to make the U.K. more attractive for new public listings.
“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,” said Laurence Newman, founder and CEO of Beauty Tech.
“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.”
Founded in 2009 as CurrentBody.com by Newman and chief technology officer Andrew Showman, the company initially retailed third-party at-home devices before pivoting in 2019 to concentrate on its own brands. Its current product range includes LED face masks, laser hair-removal devices, and hair-growth helmets incorporating radio frequency, microcurrent, and other advanced treatments.
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