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Investing.com -- Shares of British company Beauty Tech Group opened higher on their London debut Friday, trading at 287.40 pence — about 5.2% above the IPO price of 271 pence that valued the business at around £300 million ($403 million).
Based in Cheshire, Beauty Tech develops and sells at-home beauty devices that use technologies such as LED lights and lasers.
The IPO includes 10.7 million new shares expected to raise £29 million, alongside 28.6 million shares sold by existing shareholders. The combined offer amounts to roughly £106.5 million, equal to about 35.5% of the company’s issued share capital.
The listing comes against a subdued backdrop for London’s IPO market, which has seen sluggish activity this year and a trend of companies opting to list overseas despite reforms aimed at making the U.K. more attractive.
“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.”
The company, founded in 2009 as CurrentBody.com by Newman and chief technology officer Andrew Showman, initially sold third-party at-home devices before pivoting in 2019 to focus on its own brands.
Its portfolio now includes LED face masks, laser hair-removal gadgets and hair-growth helmets using radio frequency, microcurrent and other treatments.