Shares in prize draw firm Winvia soared on their stock market debut – fuelling hopes of a revival on the London Exchange.
The stock was listed on the junior Alternative Investment Market (AIM) at 195p a share – giving it a value of £205million – in the latest initial public offering (IPO) in the City. The shares rose 11.5 per cent to 217.5p.Â
That valued the company, the UK’s second-largest prize draw operator which runs competitions to win houses, cars, watches, and holidays, at close to £230million.Â
The rise in the share price is a boost for Playtech founder and billionaire Teddy Sagi, whose 69.5 per cent stake is worth nearly £160million. Winvia is seeking to challenge industry leader Omaze and operates competition websites.Â
Hailing ‘a major step’ for Winvia, chief executive Mihai Manoila said: ‘We were delighted by the strength of investor demand for the placing.’
The listing of Winvia comes just days after those of tinned tuna group Princes, challenger bank Shawbrook, and LED mask maker The Beauty Tech Group.
The listings have sparked hopes that the moribund London IPO market is springing back to life.
City boost: Prize draw firm Winvia was listed on the junior Alternative Investment Market at 195p a share – giving it a value of £205m – in the latest initial public offering in the City
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