Libertine Holdings PLC, a developer of fuel-flexible power generators, saw its shares surge on their market debut on AIM on Thursday.
The group, founded in 2009, came to the market via a placing of shares at 20p that raised £9mln before expenses. In the first couple of hours of trading the shares rose to 27p, giving the company a market capitalisation of £37.3mln.
The group has developed a technology solution for powertrain original equipment manufacturers (OEMs), enabling efficient and clean power generation from renewable fuels.
The money raised from the flotation will provide the company with funds to increase headcount to support business development and commercial project delivery, enhance the group's technology platform for integration into customer products and expand the group's existing operating facilities to provide further testing and prototype build capacity.
"The successful completion of our IPO represents an exciting milestone and marks the beginning of the next phase for Libertine, building on our recent technical and commercial progress. This new investment will allow us to expand our core technology development and business development activities as we work with OEM partners to create Linear Generator products that will work alongside battery electrification to produce clean power from renewable fuels," said Sam Cockerill, the chief executive of Libertine.