Beckham-backed Cellular Goods jumps on first day of trading By Investing.com

By Samuel Indyk

Investing.com – Cellular Goods, the David Beckham backed cannabinoids company, saw its shares rocket on its first day of trading.

The company’s IPO was oversubscribed by 13 times and raised a total of £13mln before expenses.

Synthetic Cannabinoids

Cellular Goods is the first provider of premium consumer products based on biosynthetic cannabinoids to join the London stock market.

“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,” CEO Alexis Abraham said in a statement to the exchange.

“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.”

David Beckham

As widely publicised, the company has been backed by David Beckham through his DB Ventures vehicle, which owns a 5% stake in the business. Following the jump in share price on its debut, Beckham’s stake is worth over £5mln, from an initial investment of approximately £250,000.

“David Beckham’s backing of a cannabinoids company has certainly added a puff of star power to its listed debut,” Hargreaves Lansdown) analyst Susannah Streeter said.