Aoti Inc (AIM:AOTI) (Aoti Inc (AIM:AOTI)) made a premium-priced debut on Tuesday morning, as its shares began trading in London after its £19.5 million equity raise and AIM market float.
In Tuesday morning’s deals, the share traded at 135.5p.
Prior to its float, the company raised £19.5 million by selling 14.77 million new shares in a placing priced at 132p per share.
A further £15.6 million of proceeds were raised through the sale of existing shares.
AOTI, described as a high-growth medical technology business focused on chronic wound care, was valued at around £140 million by the funding.
The company generated $43.9 million of revenue in 2023, reflecting some 38% growth from its preceding trading, and, it highlighted that it has been profitable (at the EBITDA level) since 2017.
"We are delighted to be admitted to trading on AIM, which is in line with the board's strategy for the group's commercial roll-out, enabling us to reach our full potential whilst fulfilling our mission to help people with chronic conditions get back to living their lives to the fullest,” AOTI chief executive Mike Griffiths said in a statement.
Griffiths highlighted that AOTI has ‘the building blocks in place’ to expand its market access and commercialisation, as it advances with a staged rollout of its ‘negative pressure’ wound care technologies.
He added: “I would like to thank all our new investors who join us on this journey today and we look forward to updating them on delivering on our scale-up strategy and continued trajectory of profitable growth."
AOTI intends to use the net proceeds to expand its sales capabilities in the US as well as opening new territories and repay some debt.
It also intends to support clinical work on the firm’s technologies.