Amcomri Group Plc (LSE:AMCO) shares made a premium-priced debut in London, trading at 57.5p on its first day of trading.
The UK-focussed "Buy, Improve, Build" specialist engineering and manufacturing group raised £12 million alongside its float, selling new shares to investors priced at 55p each – giving it a pre-float market capitalisation of nearly £40 million.
Proceeds are earmarked to support the company’s organic and acquisitive growth plans whilst strengthening its balance sheet.
Amcomri Group operates two divisions, Embedded Engineering and B2B Manufacturing, which together generated £47 million of turnover and £5.8 million of earnings (adjusted EBITDA) in 2023.
Before coming to market, Amcomri has brought together 12 operating businesses and made 16 acquisitions since 2022.
Armed with a stock market listing, making paper deals easier to strike, the firm is now targeting at least two to three new acquisitions per year.
These will come from a pipeline of some 9,000 mature SMEs identified by the Amcomri management team.
“Our admission to AIM will help us continue to drive our proven growth strategy, which has benefited from strong management direction and an appetite for companies to leverage our expertise,” Amcomri co-founder Paul McGowan said in a stock market statement.
“We believe that we are well positioned to build on our strong trading to date and are excited by the opportunity to deliver significant returns.
“Importantly, we have a blue-chip customer base and are uniquely positioned to support critical infrastructure including rail, energy, and process industry assets. It is great testimony to the team that we have completed this successful IPO - especially given wider market trends.
McGowan: “We believe that AIM will provide a solid platform for our aspirations and look forward to continuing our growth strategy as a public company."