Shares of Light Science Technologies Holdings PLC rose as much as 19% early Friday as the company began trading on the London Stock Exchange’s junior AIM, implying a market capitalization of 20.8 million pounds ($28.4 million).
As part of its initial public offering the agricultural lighting and technology company has raised GBP5 million of new money that it plans to use to accelerate growth.
Shares at 0718 GMT were up 1.50 pence, or 15%, at 11.50 pence, having peaked at 11.90 pence earlier in the session.
“We look forward to delivering shareholder value as we take advantage of the substantial CEA pipeline and bolster the capacity of our CEM division,” Chief Executive Simon Deacon said.
Strand Hanson Ltd. is the nominated and financial adviser, with Turner Pope Investments (TPI) Ltd. acting as broker.