(Alliance News) - Smarttech247 Group PLC on Wednesday said its shares will start trading on AIM on Thursday following its initial public offering.
The Cork, Ireland-based artificial intelligence-enhanced cybersecurity services provider said its listing on London's junior market is "a new and exciting chapter" for the company.
The company, which is backed by RiverFort Global Opportunities PLC and Pires Investments PLC, raised GBP3.7 million in new funds to support its expansion into new products and geographies, development of its technology, and for general working capital purposes.
Earlier this month, Smarttech had said it expects a market capitalisation of GBP36.8 million on admission, having priced shares at GBP0.2966 each.
Smarttech has recently launched two new security software products, VisionX and ThreatHub, with VisionX having won two multi-year contracts within months of its launch in back in June.
"The AIM quotation will provide us with the chance to raise the company's profile...We are well positioned to grow and benefit from a number of industry trends," Chief Executive Officer Raluca Saceanu said on December 1.
The IPO was run by Spark Advisory Partners Ltd as nominated advisor and Shard Capital Partners LLP as broker.
By Harvey Dorset, Alliance News reporter
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