Moonpig has begun trading on the London Stock Exchange with a market capitalisation of £1.2bn.

The greetings card retailer has set its offer price at 350p per share, bringing its valuation to over £1bn at the commencement of dealings.

The offer included approximately 5.7 million new shares to raise £20m for the business, as well as approximately 134.6 million shares sold by existing shareholders.

Conditional dealings for Moonpig began at 8am on February 2, while unconditional dealings are set to begin at the same time on February 5.

Moonpig confirmed its intention to float last month after it recorded a sharp uptick in sales during the coronavirus pandemic.

Moonpig chief executive Nickyl Raithatha said: “We are proud to be joining the main market of the 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.”