Tribe Technology PLC shares started trading on the AIM market in London on Tuesday, after the mining equipment maker raised £4.6 million in its initial public offering.

Tribe raised £4.5 million from an institutional placing and subscription of new shares and another £100,000 from a retail subscription. Allenby Capital Ltd acted as nominated adviser and sole broker for the IPO.

At the offer price of 10 pence, Tribe started life as a public company with a £22.2 million market capitalisation.

Tribe shares were quoted at 10.67p at midday on Tuesday.

Tribe develops and manufactures autonomous mining equipment, aimed at reducing the costs and improving the safety of reverse circulation drill rigs. The company thinks the market for ‘smart’ drilling products will be $23.05 billion by 2028.

Fellow AIM listing Vela Technologies PLC has a 1.4% stake in Tribe. It had invested £250,000 in a pre-funding round back in May, receiving its 3.1 million shares at 8p each.

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