Online greetings card company Moonpig has gone public on the London Stock Exchange with the initial public offering (IPO) valuing the company at £1.2bn.

The London headquartered firm announced its intention to float on 19 January 2021 priced at £3.50 per share.

According to Moonpig, the offer comprises of around 5.7 million new shares to raise gross proceeds of approximately £20m, and approximately 134.6 million existing shares equating to a total offer size of £491.2m. An additional 14 million shares are also being made available.

After listing this morning Moonpig’s share price surged by 25% to £4.40 less than an hour after trading. It rose to a high of £4.50 per share before settling at £4.38 at the time of writing.

Nickyl Raithatha, CEO of Moonpig Group, said:

“We are proud to be joining the main market of London Stock Exchange and I would like to thank everyone at the Group for their hard work. Listing on the London Stock Exchange is an incredibly special milestone and will provide new opportunities for the business. We are confident that Moonpig Group will continue to make gifting even more effortless for millions of people across the UK and internationally. As the leaders of a market undergoing an accelerating shift to online, now is the perfect time for us to bring the company to the public market, and we are excited about Moonpig’s prospects for the future.”

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As an internet-based business, Moonpig has benefitted from the ongoing Covid-19 pandemic and lockdown measures. According to the company, it delivered over 50 million personalised cards, gifts and flower bouquets for our 12 million customers in 2020.

Last week, UK footwear and clothing company Doc Martin went public with a valuation of £3.7bn.

Commenting on the IPO, Stephen Kelly, chair of Tech Nation, said:

“The announcement today that Moonpig has listed on the London Stock Exchange is yet another sign that we are entering a golden year for UK tech. The IPO of a homegrown company demonstrates both the strength of talent in the UK and the appeal of the LSE as a location for companies looking to IPO.

“With a valuation of £1.2bn, Moonpig joins the UK’s growing cohort of tech unicorns, with seven created in 2020 alone. The UK now has more than twice as many unicorns as Germany and France. We can expect more announcements like this from UK companies this year as we see UK Tech come into its own, which has particular importance in a post-Brexit world.”

Read More: Airbnb goes public with $100bn valuation in blockbuster IPO.