MGO Global Inc, a clothing retailer that operates a lifestyle brand based around soccer superstar Lionel Messi, is off to a fast start on its first day of trading on the Nasdaq.
The Florida-based operator of The Messi Store priced a $7.5 million IPO at $5 per share with 1.5 million shares. By noon Friday, shares had popped more than 55% to $7.75
The company’s star power is undeniable. Messi, regarded by many as the greatest soccer player of all time, is coming off a World Cup win with Argentina.
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MGO Global can develop and market Messi-branded apparel and accessories until late 2024, according to a licensing agreement.
Financially speaking, MGO incurred a net loss of $2.1 million in the nine months ended September 30, compared to a loss of $400,000 in the same period of 2021. The company attributed the widening loss to a 40% fall in net sales and a sharp increase in operating expenses.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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