Power Probe PLC on Thursday started trading on London’s AIM market, hailing a ‘new chapter’ which it hopes will aid its growth plans, including the opening of a new US manufacturing facility.
The Charlotte, North Carolina producer of automotive electrical diagnostic tools for professional service technicians said it raised about $15 million, or £11.2 million, through the placing of 13.7 million new shares at 82 pence per share.
The company, founded in 1992, had a market capitalisation of around £60 million on admission.
Shares in Power Probe rose 3.0% to 84.5p each on Thursday morning in London.
Power Probe’s suite of products is across seven segments: powered circuit probes, testing kits, measuring tools, soldering, lighting, accessories, and private brands.
Chief Executive Officer Chema Garcia said: ‘Our initial public offering is a major milestone and exciting moment for Power Probe, and we are extremely grateful for the support we’ve received from investors. Since 1992, we’ve been growing our business to become a leading developer in the specialised automotive electrical diagnostics market, driven by a relentless focus on innovation and continuously adapting to the rapid evolution of vehicle technology.
‘Our admission to AIM marks a new chapter in that journey and will enable us to deliver on our ambitious growth plans, including opening a new state-of-the-art US manufacturing facility, which will increase our overall production capacity and bring us closer to our core end markets.’
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