Ashington Innovation PLC (LSE:ASHI), a fintech-focused special purpose acquisition company (SPAC), has floated on London's main market after raising £0.8mln at a price of 3p in its initial public offer.
After a statement on Tuesday morning confirmed the first day's dealings, the shares jumped to 4.5p in morning trading.
It is the fourth SPAC to float in recent weeks, following the arrival Becket Invest PLC (LSE:TAB) earlier in the week, Oneiro Energy PLC (LSE:ONE) late last month and the much larger splash made by Admiral Acquisition Ltd (LSE:ADMR) earlier in May as it raised US$550mln, not to mention Seed Capital Partners, as ESG-focused SPAC that listed in April.
The initial cash providing working capital while the team work on finding a prospective target in the fintech or 'deep tech' sectors, where management aim to "benefit from favourable price conditions for companies".
Under London's SPAC rules, the company has 24 months to find and complete a deal, with management looking for target companies with "significant growth potential" who they think will be attracted to "the accelerated access to the LSE's deep capital markets".