Shares of FastForward Innovations Ltd (LON: FFWD) traded sideways despite the company reporting that it acquired a stake in Cellular Goods Plc, which IPO’d on Friday.
FastForward typically invests in fast-growing and innovative businesses invested £17,215 in Cellular Goods during its Friday IPO, which raised £13 million.
Investors seemed unimpressed by the company’s small stake despite the surge in Cellular Goods price, which traded at 17.9p today, having IPO’d at 5p.
FastForward has been growing the number of cannabis companies in its portfolio after investing £62,500 in Kanabo Group’s oversubscribed IPO that raised £6 million.
The firm was unable to get a significant allocation because of the oversubscribed nature of the two IPOs. Still, it was optimistic about the increasing number of cannabis IPOs at the London Stock Exchange.
Ed McDermott, FastForward’s CEO, said: “We are pleased to see another CBD wellness company IPO here in London. Once again, the allocations were disappointing due to a significantly oversubscribed book.”
Adding:
“However, we are very excited that the London Stock Exchange is fast becoming a destination for both medical cannabis and over the counter cannabinoid wellness companies.”
FastForward Innovations share price.
FastForward Innovations shares were trading slightly lower for the day at the time of writing as markets ignored today’s announcement.