Technology Minerals PLC (LSE:TM1) shares jumped 50% as the battery metals recycling company started trading on London's main market today.
Listed under the ticker symbol 'TM1', the shares traded at 3.38p within the first two hours of trading on Wednesday, compared with the 2.25p placing price.
Alex Stanbury, chief executive of Technology Minerals, said the board was pleased with the result of the placing and standard listing process.
"We are perfectly positioned to take advantage of the 21st century transport revolution as the industry transitions from petrol and diesel engines to electric vehicles. With the listing today, we can move ahead to solve the two key challenges - namely the production of Lithium-ion batteries for EVs - and down the line, the recycling of those batteries when they're spent and no longer usable.
"We are proud to be the first UK listed company to create a circular economy in the battery metals sector, covering the entire mineral life cycle from exploration and mining through to end-of-product recycling for cobalt, lithium, nickel, and manganese."
The initial public offer placing, which follows a £5mln pre-IPO fundraise, gave TM1 a market capitalisation on admission of a little over £27mln.