Autonomous mining equipment maker Tribe Tech has completed an IPO on the London Stock Exchange’s Alternative Investment Market (AIM) in a boost for the UK’s capital markets.
Listing under the ticker “TRYB”, the business raised £4.59m in gross proceeds at a market capitalisation of £22.2m on Tuesday. It initially sought to raise £0.4m.
The company said it will use the IPO proceeds to develop its automated drilling equipment, which includes an autonomous sampling system and an autonomous drill rig that aim to improve safety and efficiency.
Tribe Tech, which was founded in 2019, said it aims to complete its first autonomous drill rig before the end of 2023. According to the firm, it has over £10.5m in orders for its mining technology products.
Charlie King, CEO and founder of Tribe Tech, said: “We believe that AIM is a natural fit for Tribe Tech, with its international investor base and proven track record for helping technology companies achieve their growth ambitions.”
Tribe Tech issued 44,000,000 ordinary shares priced at £0.10 each. Shares were down by nearly 9% on Wednesday.
It is headquartered in Mallusk, Northern Ireland, with operations in Western Australia.
“Our technology is the solution to the reverse circulation drill rig market for improving efficiency and safety in the rapidly changing world,” added King.
In May the Northern Irish firm raised £2m from “a number of prominent technology investment firms” such as Vela Technologies.
The IPO is a much-needed boost for London’s public markets, which have faced a slowdown amid challenging economic headwinds.
Cambridge-based chip designer company Arm shunned London for New York, while other companies, such as fintech Zilch, are deciding whether to follow suit.