Pensionbee buzzes onto London stock exchange: Relief as latest UK tech float avoids a Deliveroo-style disaster
Pensionbee has become the latest British tech company to begin trading on the London Stock Exchange, dodging the scepticism which has dogged Deliveroo’s float.
The savings firm launched at 165p a share, giving the seven-year-old firm a value of £365million and valuing founder Romi Savova’s stake at £132million.
Although it managed to avoid the same fate as Deliveroo, whose shares tumbled 26 per cent on their first day last month, Savova (pictured with co-founder Jonathan Lister Parsons) may have been hoping for a warmer reception.
Pensionbee launched at 165p a share, giving the firm a value of £365m and valuing founder Romi Savova’s (pictured with co-founder Jonathan Lister Parsons) stake at £132m
The stock ended the day at 166.2p – a contrast with online shopping titan The Hut Group, up 24 per cent since its float last year.
Online greetings card company Moonpig and shoe chain Dr Martens, which floated earlier this year, are up 24 per cent and 27 per cent respectively.
On Monday, full trading begins – meaning 5,000 customers can sell their shares, and other small shareholders can buy in.
Savova said: ‘We are delighted with the strong support we have received from institutional investors and our customers.’