The behavioural science group, founded by one of David Cameron’s old Eton schoolmates, has got off to a strong start as an AIM company
Behavioural science group Mind Gym PLC (LON:MIND) has enjoyed a spiffing start to life as a publicly-listed company.
The company, which was co-founded by one of David Cameron’s old Eton schoolmates, Octavius Black, issued shares at 146p apiece as part of its initial public offering (IPO).
The stock is now trading at 182.5p, according to the London Stock Exchange – a 25% gain for the day.
It is the latest firm to enjoy a stellar debut on the junior market, with both Tekmar Group PLC (LON:TKG) and Cake Box Holdings PLC (LON:CAKE) also getting off to hot starts over the past week.
READ: 28-year-old steers TekMar to stellar AIM debut
Black and his wife Joanne – the company’s chair – pocketed around £24mln by taking Mind Gym public, while co-founder Sebastian Bailey cashed in to the tune of £22mln.
They still hold a 64.6% stake in the company.
The duo set up Mind Gym back in 2000 from Black’s kitchen table. The business now employs almost 300 self-employed coaches who present its products to clients’ staff in ‘bite-size’ 90-minute sessions.
It now boasts an impressive list of customers, including 62 FTSE 100 companies and 59 firms listed on the S&P 100 index in New York.
The #MeToo movement has prompted around half of its existing clients to approach Mind Gym for help improving their corporate culture.
Profits rose to £7.8mln over the past 12 months, compared with £4.8mln a year earlier.
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