While attention may have been focused on Snap’s IPO – with good reason, given it was the biggest tech float since Facebook – Oldham-based UP Global Sourcing Holdings PLC was welcomed onto London’s main market.
Despite the lack of fanfare, Ultimate Products got off to a solid start on the London Stock Exchange with price per share rising to 149p, far superior to the 128p that was the original offer price. The company was valued at £105.2m at float, making it one of the biggest UK public offerings so far in 2017, and is trading under the ticker LON:UPGS. With this IPO, alongside last month’s Arix float and news that the O2 IPO may be back on track, it would appear that the market is starting to recover after taking a hit in the immediate aftermath of the Brexit vote.
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Ultimate Products filed for IPO in pre-Brexit 2016 and the firm enjoyed a stellar year with profits soaring. Indeed, the company sold more than 200,000 NutriPro smoothie makers last year. The company’s products were sold in all major supermarkets as well as online through Amazon, and in stores such as Argos and Homebase. The firm, which specialises in kitchen products, sells brands such as Salter, Russell Hobbs and Beldray.