Beckham-Backed Cannabinoid Firm Cellular Goods Soars in U.K. IPO
- Listing raised $18 million, more than originally targeted
- Shares rise as much as 310% as they start trading in London
David Beckham
Photographer: Jayne Kamin-Oncea/Getty Images
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Cellular Goods Plc, which is backed by retired soccer star David Beckham, surged more than fourfold as it started trading in London after raising 13 million pounds ($18.4 million) in an initial public offering, part of a rush of cannabis-related listings in the City.
The stock soared 310% to 20.50 pence at 8:15 a.m. in London from its IPO price of 5 pence. The offering valued the company at 25 million pounds.