Spectral MD Holdings, Ltd. (LON:SMD) has started trading on AIM after raising £11.3mln via an oversubscribed placing.
The placing was conducted at a pre-IPO fully diluted valuation of £95mln, with shares priced 59p a pop but trading as high as 62p on Tuesday morning.
READ: Wound care company Spectral MD targets London IPO
The wound care AI company was valued at £80mln on admission, with 19mln shares in issue.
The Texas-based firm said listing in London is an important step in its development, as it will help in building the profile of its business, particularly in Europe where it is looking to boost growth, while providing access to new capital.
It’s planning to develop UK-based headquarters for the Europe, Middle East and Africa region to support CE-Mark approval and commercial expansion.
The IPO proceeds will also be used to invest in clinical studies for its diabetic foot ulcers (DFU) product as well as building US distribution.
The firm’s DeepView wound imaging solution is an internally developed AI and multispectral imaging technology that enables the user to distinguish between damaged and healthy human tissue, invisible to the naked eye, providing 'Day One' healing assessments for burn wounds and DFU.