Market Tech Holdings, the company that owns the iconic Camden Market, has a valuation of £844m after its first day of trading on the alternative investment market (Aim) of the New York Stock Exchange.
Shares in the company which combines real estate assets with an e-commerce platform jumped by 12.5 per cent from their placing price of 200p to 225p at close.
The company’s oversubscribed initial public offering (IPO) was the biggest on the Aim market in 2014, raised £100m from its issue of 50,000,000 new ordinary shares.
Market Tech is backed by Israeli technology entrepreneur and billionaire Teddy Sagi, who bought Camden stables market for £400m and Camden Lock market for £100m in October.
The two iconic markets covering 11 acres have been brought under a single ownership for the first time in their history, a development which Market Tech property director Mark Alper says will allow the company to “significantly enhance and improve” their surroundings.
Using the capital raised from the listing, Market Tech will continue to develop the five acre Camden Lock Village site which will incorporate residential, retail and commercial space as well as a new primary school.
Market Tech chief executive Charles Butler commented:
We are delighted to have successfully completed our Aim admission. Market Tech offers the opportunity to invest in one of London’s most popular locations with a differentiated cultural identity; and I’m delighted by the investor response.By capitalising the iconic retail, leisure and entertainment destination of the Camden Markets through our new online platform we aim to deliver a multichannel e-commerce experience to both customers and retailers, making Camden a leading online and offline retail destination.Unifying the Camden Markets under single ownership for the first time and the planned development of Camden Lock Village will allow us to create a distinctive environment, combining retail, leisure, office and residential.