Shares in MedPal AI plc received a warm welcome as they began trading on AIM on Tuesday, following an initial public offer that raised £2 million.
The IPO was carried out at a price of 4p per share, giving the digital health and AI company a market capitalisation of £16.5 million. The shares rose to 6p in first deals.
Based in the City of London, the firm provides a "wellness coach" through its core app, which aggregates data from fitness trackers and health apps, such as Apple Health, Google Fit, Whoop, Fitbit and Garmin, to provide lifestyle guidance and aims to deliver personalised insights via conversational AI currently in development.
Alongside the announcement of its first day's dealings, the company said it has entered an agreement to promote the app on a zero-cost basis to clients, including Siemens, Volvo, and Bosch.
MedPal also said it plans to license its platform to healthcare, insurance, and corporate clients.
The company is led by CEO Jason Drummond, who owns a 41% stake and may be known to AIM investors as he was behind FairFX, now Equals Group PLC (AIM:EQLS), and his brother Justin, who is executive director, owns a 9.1% stake and has AIM experience at Gaming Corporation, Clear Leisure and Media Corporation.
Non-executive chairman is Karl Karlsson, general partner at US venture capital firm Sway Ventures.