Electric motor innovator Saietta Group PLC has raised almost £38mln in its AIM initial public offering (IPO) that will see its shares begin trading later this week.
The Oxfordshire-based company has developed the AFT electric motor designed for "high efficiency electric vehicle drivetrains", mainly for smaller and lighter vehicles including electric motorbikes, scooters, tuk tuks and last-mile delivery vehicles.
At its 120p IPO price, Saietta, which means thunderbolt in Italian, will be valued at £102.1mln, with trading due to begin on Wednesday and the shares expected to be given the London Stock Exchange's Green Economy Mark.
Revenues of £870,966 were made in the year to March with a pre-tax loss of £7.3mln made as it works to commercialise its engine product, having moved away from its past as an electric vehicles manufacturer.
Its first engine on the market is called the AFT 140 and is currently in low volume production, with the new funds helping to drive production in the UK up to around 100,000 units per year within three years.
"Although the motor industry and the market has focused on the electrification of the passenger car segment, Saietta has taken a contrarian view and focused on high volume, high growth markets," explained chief executive Wicher 'Vic' Kist.
"We have taken high-end, high-performance technology and redeveloped it for low-cost, mass production giving our AFT motors potential across a wide range of end markets."