High demand saw Card Factory senior management cash in almost £50m shares on Friday.
The Wakefield-based retailer had announced the sale of 7.4 million shares, equal to 2.2 per cent of the company, but later revealed almost 14.8 million were sold, making £48.8m for directors.
CEO Richard Hayes received a £9.6m windfall from the sell-off, while chief financial officer Darren Bryant took home £4.7m.
Card Factory’s share price fell almost eight per cent on Friday, down to 332p - 2p above price the shares were offered at.
The shares were sold to institutional investors through a placing with UBS.
Card Factory, which was founded by Huddersfield Town chairman Dean Hoyle in 1997, has performed well since its May 2014 float. It has added £36.3m to its value in 13 months and is on track to open 50 stores this year.