Cellular Goods, the canabinoids-based product provider has announced its IPO was 13 time oversubscribed as over 6,000 retail investors applied to buy shares.
Demand from both institutional and retail investors alike has seen the company raise £13m of gross proceeds which will debut on the London Stock Exchange with a m.cap of £25m at launch.
Due to the significant demand from retail investors, Cellular Goods had to scale-back allocations and did so by:
· Allocating the first £500 in full per investor;
· Any requests above £500 received 2.85% of the additional amount above £500, up to a maximum total allocation of £2,500.
The proceeds from the IPO will be used to help finalise the development and launch of its product range for sports recovery and cosmetics.
Commenting on the strong support received from investors was Alexis Abraham, CEO of Cellular Goods who added:
“We want to involve as many private investors as possible so that they can both be part of and benefit from our growth as we become the trusted brand in consumer cannabinoids. Technology now means that ‘listening at scale’ is not just a possibility but a requirement for successful consumer brands. We firmly believe that the future of the cannabinoid industry will be driven by biosynthetic production and our significantly oversubscribed IPO is a sign of investor confidence in this future.”
Shrare will trade under the ticker of CBX from this Friday 26 February.