Shares in Tekcapital PLC (LSE:TEK) rose 7% on Monday after its portfolio company Guident took a key step towards going public, submitting a draft registration statement to US regulators for a proposed initial public offering.
The Florida-based firm, which develops remote monitoring and support technologies for autonomous vehicles, filed the confidential paperwork with the US Securities and Exchange Commission. Details, including the number of shares on offer and the pricing range, have not yet been disclosed.
The IPO is expected to proceed following regulatory review and subject to market conditions. While still early in the process, the filing marks a potentially significant milestone for Tekcapital, which backs university-derived technologies and holds a stake in Guident.
The announcement gave investors a boost of confidence in Tekcapital’s strategy of incubating and commercialising high-growth tech ventures. Guident’s technology is aimed at improving safety in self-driving vehicles through real-time monitoring and assistance systems.
The shares were up 0.47p at 7.48p.