By Ian Walker
Shares in Zenova Group PLC rose as much as 21% on Thursday as it started trading on London’s junior AIM, implying a market capitalization of 21.5 million pounds ($29.5 million).
The provider of fire safety and heat-management technology and products raised GBP4.5 million as part of its initial public offering, which will be used to manufacture products and establish inventory levels as well as for working capital and other things.
Shares at 0824 GMT were up 3.50 pence, or 18%, at 22.50 pence having peaked at 23.0 pence earlier in the session.
Spark Advisory Partners Ltd. is the company’s nominated advisor and Brandon Hill Capital Ltd. acts as broker.
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