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(Alliance News) - Kibo Energy PLC on Monday said its subsidiary Mast Energy Developments PLC will start trading in London on April 14.
The announcement comes after Mast had raised in excess of GBP5 million for its upcoming float. The fundraise has closed with initial demand exceeding the Irish multi-asset energy company's expectations. Mast Energy is expected to have a market capitalisation of approximately GBP23 million on admission, up from its initial target of GBP20 million.
On listing, Mast is expected to remain a Kibo subsidiary, with Kibo holding at least 55% of Mast on the day of admission.
Mast will use the IPO funds to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator.
"With strong institutional and retail support having raised in excess of GBP5 million, Mast now looks forward to listing on the London Stock Exchange on April 14. Thereafter, it will hit the ground running, rapidly building production and strengthening its position as a key energy provider supporting the UK's transition to renewable energy," said Kibo Chief Executive Louis Coetzee.
Shares in Kibo Energy were flat at ZAR0.08 on Monday in Johannesburg. Its London shares were 16% higher at 0.37 pence.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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