Ocean Harvest Technology Group PLC (AIM:OHT), which makes animal feed from seaweed, has weighed anchor on AIM after completing an initial public offer that raised £6mln.
The Berkshire-based company, which produces its output via seaweed harvests and factories in Vietnam, had a debut market value of £20.1mln based on the placing price of 16p.
Funds raised from the IPO, which was run by broker finnCap, are earmarked for the strengthening of the global sales team and supply chain, along with further investment in research & development.
The company, which reported 67% product revenues growth to €2.5mln in 2022, has been built around research into polysaccharides and other bioactive ingredients present in seaweed, which have been shown to improve animal performance and farming economics in a cost-effective and environmentally sustainable manner.
Chief executive Mark Williams, who joined last year from Insect Technology Group, a developer of sustainable protein and other products derived from insects, said the listing "will assist the rapid growth of the group".
Non-exec chair Ashley Head, a veteran venture capitalist, has a 13.7% stake, while wealth manager Rathbones will hold 6.1%.
OHT is the fourth AIM float so far in 2023, joining Celsius Resources, Fulcrum Metal and Onward Opportunities, following a dearth of floats in 2022.
More are also in the pipeline, including Beacon Energy, Fadel Partners and World Chess.