(Alliance News) - Shares in Time To Act PLC started trading on the Aquis Stock Exchange in London on Wednesday, after completing the initial public offering it had announced at the start of May.
Time To Act is a Middlesbrough, England-based engineering firm that operates in what it calls the energy transition supply chain. It has two main businesses, Diffusion Alloys, which provides metal coating technology and services, and GreenSpur, which provides electricity generator technology.
The company was formed in 2011 as GreenSpur Renewable Ltd and was renamed after the acquisition of Diffusion Alloys Holdings Ltd in 2019.
Time To Act said it is revenue generating and was profitable in financial 2023. It had GBP1.9 million cash in the bank on March 31.
At the time of its IPO announcement, Time To Act said it hoped to raise up to GBP1 million in new money "to de-risk growth and in support of its strategy of coupling organic growth and acquisition". However, on Wednesday, Time To Act provided no information on the money it raised, nor at what price shares were sold in the IPO.
Time To Act said it now has 14.0 million shares in issue and a market capitalisation of GBP6.9 million, implying a share price of 49.40 pence. The stock was quoted on AQSE at 50.00p on Wednesday morning, though no trades had been done.
The initial public offering was led by Novum Securities Ltd as corporate adviser and Oberon Capital as broker. The IPO included a retail offering via the Winterflood Retail Access Platform.
"Listing on the AQSE growth market marks a significant milestone for the company, and I would like to thank everyone involved in making this day a reality," said Executive Chair Chris Heminway.
"A special thank you also goes out to our existing and new shareholders who recognise the opportunities Time To ACT has in the energy transition supply chain."
By Tom Waite, Alliance News editor
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