Core Insights - The Beauty Tech Group (TBTG) has successfully completed its Initial Public Offering (IPO) on the London Stock Exchange, marking a significant milestone for the company [1] - TBTG operates in the rapidly growing global at-home beauty devices market, with revenues increasing from less than £1 million in 2018 to £101 million for the year ended 31 December 2024 [2] - The IPO values TBTG at approximately £300 million, representing an uplift from the company's previous valuation [3] Company Performance - As of 30 June 2025, the company's holding in TBTG was valued at £6.7 million, accounting for 4.7% of its net asset value [4] - Following the IPO, the company realized £2.4 million of its investment, with the holding now valued at approximately £5.6 million, equivalent to 3.9% of net asset value [4] - The IPO price reflects an uplift of approximately 0.5 pence per share compared to the last published net asset value as of 30 June 2025 [4] Future Outlook - The proceeds from the IPO will provide TBTG with additional capital to accelerate its growth strategy [5] - The Board expresses optimism regarding TBTG's continued success as a listed company [5] - The impact of the IPO on the company's unaudited net asset value per share will be included in the next NAV announcement [5]
Portfolio Update - The Beauty Tech Group IPO