Tekcapital PLC's (LSE:TEK) shares surged 14% on Thursday after its portfolio company Guident Corp filed paperwork for a planned stock market listing in the United States.
The intellectual property investment group, listed on AIM, said Guident had lodged a registration statement with the Securities and Exchange Commission for an initial public offering of common stock.
The company intends to list its shares on Nasdaq under the ticker GDNT, though the number of shares to be sold and the pricing range have not yet been set.
The IPO will go ahead once the SEC’s review process is complete and subject to market conditions.
Tekcapital owns about 70% of Guident, which develops autonomous vehicle and remote monitoring technologies. Although the potential proceeds of the IPO remain uncertain, the announcement marks a significant step in advancing Tekcapital’s portfolio.
The company stressed that the filing did not constitute an offer to sell or solicit investment at this stage, in line with US securities law. Further updates will be provided once details of the offering are confirmed.
Investors reacted positively to the news, lifting Tekcapital’s market value as anticipation builds over Guident’s prospective debut on the US public markets.
Tekcapital's shares rose 1p to 8p.