15th Sep 2022 16:12
(Alliance News) - Aurrigo International PLC on Thursday commenced trading on the AIM Market of the London Stock Exchange, raising GBP8.0 million by way of a placing.
Aurrigo is a Coventry-based provider of transport technology services and products to the automotive and aviation industries, and has issued 41.7 million shares at a price of 48 pence each.
Proceeds from the placing will go towards providing capital for the company' next stage of development, including the scaling of its headcount, expanding its Aviation Technology division to deliver baggage support operations to 22 airports by the end of 2026, and to continue product development.
Aurrigo first started trading on AIM with a market capitalisation of GBP20 million. Shares in Aurrigo are trading at 53.3 pence on Thursday afternoon in London, 11% above its IPO price of 48p.
"Achieving our listing and fundraise in these challenging markets is a real testament to the great technology, sound business and talented team we have at Aurrigo. It gives us a solid platform for growth and we are excited about taking the next step on our journey," said Chief Executive Officer David Keene.
"We're now in a great position to deliver on our planned projects and opportunities, particularly in the aviation space, introducing autonomous solutions which can improve efficiencies, staffing shortages and sustainability for airport operations globally," Keene added.
By Dayo Laniyan; [email protected]
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