Mining equipment company, Tribe Technology, was admitted to the AIM stock exchange on Wednesday, becoming only the fifth Northern Ireland company to achieve PLC status. The firm, based in Mallusk, Co Antrim, started its first day of trading with a market capitalisation of around £22.2m (€26m), following a successful fundraising of about £4.6m before expenses.
The company's issue price was set at 10 pence per ordinary share of 0.05 pence each in the share capital. Chief Executive Mr. Charlie King, who hails from Crossgar in Co Down, expressed his delight at the admission to trading on AIM. He stated that Tribe Tech's autonomous drill rig and sampling technology is a solution to the reverse circulation (RC) drill rig market for improving efficiency and safety in a rapidly changing world.
King further noted that AIM, with its international investor base and proven track record for helping technology companies grow, is a natural fit for Tribe Tech. He added that Wednesday marked an important milestone for the company as they look forward to completing their first autonomously operated drill rig later this year.
Following Tribe Technology's IPO, new shareholders included Unicorn Asset Management and Premier Miton with holdings of 9.01% and 4.51% respectively. Invest NI and British Bank also maintained significant shares at 4.46% each post-IPO, while Mr. King retained a 36.5% interest.
Tribe Technology was initially founded in late 2019 in Western Australia before setting up headquarters and manufacturing facilities in Mallusk in 2021. It now joins other Northern Ireland companies Fusion Antibodies, Diaceutics and FD Technologies – formerly First Derivatives – on the AIM, while Kainos is listed on the FTSE 250.
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