Tirupati Graphite PLC (LON:TGR), a Madagascar/India-focused vertically integrated graphite producer, has made its debut on the LSE’s Main Market after raising £6mln at 45p per share.
#TGR shares were trading at around 53.5p, valuing the group at around £40mln in early trading.
Shishir Poddar, Tirupati's Executive Chairman and MD said: "We are delighted to commence trading as the LSE's first pure-play graphite producer.
"Today we have reached the capital markets, so we have the capital which we need to build the business - its a great day for us. Most of the money has been raised by Optiva through institutions, with the remainder made available to retail investors through PrimaryBid at the same price and on the same terms as institutional investors. This has been looked in favourably by the regulators, so we thought, why not, and that's why we have this kind of an IPO.
"In terms of market dynamics, graphite itself is a special material with unique properties with over 150 applications, including its key role in EV batteries, which is why flake graphite has been classified as a critical raw material by both the US and the EU.
"The graphite market has already risen 8-10% in the last quarter and we believe this upward trajectory will continue as demand continues to rise," he added.