2nd Oct 2024 10:10
(Alliance News) - London-based intellectual property investor Tekcapital PLC on Wednesday noted the initial public offering of GenIP PLC.
Tekcapital said it now owns a reduced stake of 63% in GenIP as its shares started trading on the AIM market of the London Stock Exchange.
The two companies' headquarters are both in the same building in the City of London.
Before the IPO, Tekcapital held an 83% stake in the company that uses generative artificial intelligence to help client companies to better evaluate and commercialise technology discoveries and to recruit tech executives.
GenIP's admission follows a placing of 4.5 million shares at 39 pence each, raising about GBP1.8 million, and giving the company a market capitalisation of around GBP6.8 million at the placing price.
GenIP shares fell 2.5% to 38.04p on Wednesday morning in London, while Tekcapital shares were 3.0% lower at 7.28p.
Tekcapital Executive Chair Clifford Gross said GenIP is a "terrific new company that we think can make a positive impact by helping its customers bring new innovations to market. With a significantly compressed gestation period, this IPO has resulted in a significant return on invested capital for our shareholders. We are looking forward to hopefully delivering further impactful results in future transactions using Tekcapital's accelerated incubation process."
Chair of GenIP is David Willetts, who is a non-executive director at Tekcapital and served as UK minister of state for Universities & Science from 2010 to 2014. He has been a member of the House of Lords since 2015.
The chief executive officer of GenIP is Melissa Cruz, and its chief financial officer is Kevin Fitzpatrick.
"I'm thrilled that GenIP has captured the attention of London's technology-focused investment community. I'm looking forward to demonstrating GenIP's revenue-generating capabilities as we assist our clients in commercialising leading technological innovations," GenIP CEO Cruz said.
GenIP Chair Willetts said: "GenIP has laid the foundations for robust growth, and I'm delighted to have the opportunity to lead the board as we deliver generative AI analytics services to some of the world's leading research institutions."
By Tom Budszus, Alliance News slot editor
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