(Alliance News) - AMTE Power PLC on Friday said it has started trading on London's AIM market.
The lithium-ion battery cells manufacturer said it has raised GBP13.7 million in its initial public offering, through 7.8 million new shares issue and 424,378 existing shares at 175 pence each.
Based on the placing price, the market capitalisation of the company was about GBP61 million on admission. It had 34.7 million shares in issue and a free float of 48%. The company's senior management owned 17% of the issued shares on admission.
The stock was trading at 235.50p on Friday morning in London, up 35% from its IPO price.
AMTE Power said the placing of the new shares has raised GBP12.9 million for the company and GBP740,000 for the selling shareholders. The company said it intends to use the net proceeds of the placing of the new shares to finance the working capital requirements prior to income generation from the commercialisation of its battery cell portfolio.
"The high demand has enabled us to raise additional funds which will further enhance the commercial prospects of our portfolio of battery cells," said Chief Executive Kevin Brundish.
"The switch to electrification is clearly happening and not just in the automotive sector but across multiple markets. These are trends we anticipated happening 8 years ago when we created AMTE and today's listing has significantly strengthened our ability to make the most of this switch to battery power," added Brundish.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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