Net Zero Infrastructure PLC (LSE:NZI) soared on its first day of trading on the London Stock Exchange.
The cash shell, which looks to buy businesses in the clean energy sector, was trading as high as 4.5p from its 3p IPO price, marking a 67% increase.
The investor raised £1.5mln after placing 50mln shares and now has 60.7mln shares in issue, corresponding to 83% of the total share capital.
It said that because of pollution caused by fossil-fuelled power generation, there are “considerable commercial opportunities” in the renewable and green energy sector as the world transitions to cleaner sources of power.
The special purpose acquisition firm is headed by an all-male board formed by Michael Ellwood, non-executive director and chairman, and non-executive directors Brian Basham, Alejandro Ciruelos and James Wharton.
Ellwood, a corporate banking veteran, owns 2.06% of the group while Basham, a former investigative journalist, fund manager and PR, has a 1.65% holding.
Ciruelos, who is also managing director at Sustainable Development Capital, and Wharton, a Conservative Party politician, don’t have any shares.