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 in late morning before slipping to a low of $4.29 in late afternoon. The stock closed at $4.65, down 7% from its IPO price.
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.