Tribe Technology PLC (AIM:TRYB) became the latest in a handful of AIM listings this year as the Northern Ireland-based mining rig supplier started trading on the junior market.
Initially worth £22 million having raised £4.6 million at 10p a share ahead of the float, shares were trading at 11p in early dealings.
Originally founded in Perth, the business is pioneering the development of autonomous drills as an alternative to reverse circulation rigs claiming its units are both more efficient and reduce the risks of accidents.
Orders currently are worth £10.5 million while the group has just signed a contract with South African mining giant Anglo American.
Charlie King, chief executive, said: “We believe that AIM is a natural fit for Tribe Tech, with its international investor base and proven track record for helping technology companies achieve their growth ambitions.
"Our technology is the solution to the reverse circulation (RC) drill rig market for improving efficiency and safety in the rapidly changing world.“
Beyond RC drill rigs, Tribe is also optimistic about its sample system products, which can be sold on a stand-alone basis.