Cellular Goods PLC (LON:CBX) shares blazed higher on the UK-based cannabinoids (CBD) company’s first day as a listed company.

The provider of premium consumer products based on biosynthetic cannabinoids completed its initial public offering (IPO) on the London Stock Exchange after a £13mln fundraising.

Cellular Goods, which as the first company of its type to trade in London saw its IPO 13 times oversubscribed, despite making it available to more retail investors, which has rolled into high demand in the first morning of trading.

The shares shot up to 27p, a 440% increase on the 5p placing price.

One of those shareholders that will cheer this early performance is David Beckham, whose DB Ventures has a 5% stake in the company.

Alexis Abraham, the company’s founder and chief executive, said: “Cellular Goods’ debut on the London Stock Exchange is a major step in the company’s development and provides a strong foundation to execute our long-term growth strategy.

“We are delighted with the strong support from a wide range of institutional and retail investors to build premium consumer products based on biosynthetic cannabinoids under the Cellular Goods brand.”

Abraham and his team plan to use the net proceeds from the IPO to further develop and launch the company’s initial CBD product range for cosmetics and sports recovery, as well as funding ongoing business development.

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