Shares of Tribe Technology, the developer and manufacturer of autonomous mining equipment, surged by as much as 11% on Tuesday as the company began trading on the London Stock Exchange's junior AIM market. The impressive start implied a market capitalization of £24.5 million ($30.9 million).
At 07:45 GMT, shares were up 10% at 11.0 pence, with a peak at 11.10 pence when trading commenced.
The successful initial public offering saw Tribe Technology raise £4.6 million at a share price of 10 pence. The proceeds from the IPO will be utilized for various purposes, including working capital, fulfilling existing orders, increasing inventory levels, research and development, as well as operational and sales expansion.
Chief Executive Charlie King expressed confidence in Tribe Tech's decision to join AIM, citing the market's international investor base and track record of supporting technology companies in achieving their growth ambitions.
Tribe Technology Group, incorporated in Northern Ireland in March, serves as the parent company for Tribe Technology. The group was originally founded in Western Australia in 2019 and has since established its headquarters and manufacturing facility in Northern Ireland.
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