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MGO Global (MGOL), which counts soccer star Lionel Messi as a key client and Tommy Hilfiger’s sister Ginny as a co-founder, raised $7.5M through an initial public offering on Friday.
Shares of MGO opened at $8.60 after being priced at $5 per share, jumping to a high of $16.61 before slipping to a low of $5.25 in late afternoon. The stock recently changed hands at $5.57, up 12% from its IPO price, at approximately 1:30 p.m.
MGO offered 1.5M shares priced at $5 per share. Underwriters were granted a 45-day option to buy up to 225k additional shares at the IPO price. Boustead Securities and Sutter Securities are serving as lead bookrunners.
Miami-based MGO was behind the 2019 launch of Messi’s eponymous lifestyle brand and operates its e-commerce portal, The Messi Store. Messi’s fashion line was created by designer and MGO creative director Ginny Hilfiger, who previously worked as a designer for her brother Tommy’s fashion house.
MGO joined Skyward Specialty Insurance (SKWD) as the first IPOs of 2023, with the Skyward offering raising $135M on Friday.
Image and article originally from seekingalpha.com. Read the original article here.