Shares in David Beckham-backed cannabis firm up 310% in early trading frenzy
ATRADING frenzy sent shares in Cellular Goods up four-fold as the synthetic cannabinoid company launched on the London Stock Exchange today.
The stock shot up by 310% to 20.50p at 8.15am from its placing price of 5p, which had put a value on the company of £25 million.
The tidal wave of interest from institutional and retail investors lifted the market capitalisation of the London pioneer - which counts David Beckham as an early backer - above £100 million.
The 260 million shares on offer - representing 51% of the company - were oversubscribed 13-times before launch.
