Shares in Power Probe PLC rose 3% to 84.5p on their first morning of trading on AIM, after the automotive diagnostics specialist raised £11.2 million through a placing of new shares.
The offering, priced at 82p per share, gives the group a market capitalisation of approximately £60 million.
Power Probe, founded in 1992 in California and now headquartered in Charlotte, North Carolina, said the proceeds will fund a new US manufacturing facility, support expansion into new markets, and bolster research and development.
Chief executive officer Chema Garcia said: "Our IPO is a major milestone and exciting moment for Power Probe, and we are extremely grateful for the support we've received from investors.
He said admission to AIM "marks a new chapter" in the business's journey and "will enable us to deliver on our ambitious growth plans".
The company produces diagnostic tools for automotive mechanics, such as circuit testers, short finders for tracing wiring faults, multimeters and temperature probes, with products distributed under brands such as Snap-on and MAC Tools for multiple vehicle types.
Revenues grew from $25 million in 2022 to $31.3 million in 2024, with EBITDA rising from $4.8 million to $8.3 million.
Strong sales of new products helped drive revenue of $20.5 million in the first half of 2025.
The company plans to introduce a progressive dividend policy from 2026, targeting a payout ratio of around 50% of post-tax profits.