Ondo Insurtech PLC became the first “insurtech” company to float on the London Stock Exchange today.
Shares in Ondo, the new name for special purpose acquisition company (SPAC) Spinnaker Acquisitions PLC (LSE:ONDO), were trading at 10p in afternoon trading, having come to the market on the back of a placing and share subscription at 12p a share.
Spinnaker changed its name after closing the acquisition of Leakbot, a business-to-business company with a patented water security system that prevents small leaks from turning into insurance claims.
Leakbot was spun out of FTSE 250-listed Homeserve PLC (LSE:HSV) and the deal to merge was agreed in January.
As of today, there are 39,000 registered LeakBot devices supplied to partners. The company is in discussions with eleven potential partners in the UK, Scandinavia and US to enter into further partner contracts, the company said.
Funds raised from the stock market listing will be used over the next 12 months to forge more partnerships, grab more customers and enhance the company’s information technology system.
At the 12p placing price, the company had a market capitalisation of around £8.2mln.