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Power Probe raises £11m as shares rise on AIM debut
(Sharecast News) - Shares in Power Probe were putting in solid gains on the company's first day of trading in London, as the automotive diagnostic specialist raised £11.2m in proceeds from the placing of new shares. The AIM-listed firm, which makes tools like circuit testers, multimeters and battery current draws, priced its initial public offering at 82p per share, giving it a market cap of £60m.
In a statement to the market, Power Probe said its placing "received strong support from investors".
Proceeds will go towards opening a new manufacturing facility in the US, securing new engineering talent, supporting its expansion into new geographies and bolstering general working capital, the firm said.
"Our IPO is a major milestone and exciting moment for Power Probe, and we are extremely grateful for the support we've received from investors," said chief executive Chema Garcia.
"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."
Power Probe generated $31.3m in revenues in 2024, making underlying EBITDA of $8.3m. Over the past three financial years, revenues and underlying EBITDA have increased at a compound annual growth rate of 12% and 31% respectively.
The stock was up 3.1% at 84.5p by 1024 GMT.
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