Vulcan Two Group plc (LSE:VULCAN) received a healthy reception as the buy-and-build online pharmacy group's shares began their first day's dealings on London's junior market.
The company completed a £12 million fundraising at a price of 200p per share to support its acquisition strategy, giving it an initial market capitalisation of around £13.6 million on admission to AIM.
Its shares rose to 217p in early deals on Wednesday.
Vulcan Two said proceeds of the initial public offer will be used for working capital, acquisition due diligence, contributions to acquisition costs, and repayment of approximately £120,000 in existing debt and fees.
The company is led by Michael Kraftman and Brendan O’Brien, who previously built Vision Direct into one of Europe’s leading online contact lens suppliers through organic growth and acquisitions before its sale in 2016
At Vulcan Two they intends to consolidate what they see as a fragmented private prescription sector.
A pipeline of acquisition opportunities is said to have been built up, with the pair planning to drive operational improvements and synergies once deals are completed.
"We are delighted to join AIM today and deeply appreciate the strong support we have received from our investors," said Kraftman, who is chief executive.
"With a clear strategy and a strong pipeline, we believe we are well positioned for the future, and we look forward with great excitement to the opportunities ahead."
Investors will be hoping that the company lives long and prospers.