The parent company of CurrentBody has launched on the London Stock Exchange this morning with a share price of 271 pence – valuing it at £300 million.
The Beauty Tech Group plc, based in Cheshire, began trading at 8am. It said recently it was looking at a potental market cap of £280-320m at IPO, and has settled in the middle of that range.
The group owns brands including CurrentBody Skin, ZIIP Beauty and Tria Laser, which are used by stars such as Serena Williams and Kim Kardashian.
Founder Laurence Newman 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.”
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The business says that the proceeds will ensure a debt-free position and provide working capital.
The respective stakes of founders Newman and Andrew Showman are around the £20m mark. Other investors include On the Beach founder Simon Cooper and eCommerce group eComplete, co-founded by ex-MyProtein CEO Andrew Duckworth, which invested £50m for a majority stake in 2021.
Founded in 2009 as CurrentBody.com, the business reported EBITDA of £22.9m on revenues of £101.1m last year, with global markets accounting for 22% of sales.
Its IPO comes amid a slow year for London listings, marking one of the first significant floats of the quarter.
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