IntelliAM AI PLC made its debut on the AQSE Growth Market in London on Wednesday, with its stock climbing.

The software company, leveraging the power of AI and machine learning in the manufacturing industry, said following a placing that raised £5.1 million gross, it will have 16.4 million shares in issue with a market capitalisation of around £15.4 million. The placing price was 94 pence per share.

Shares in IntelliAM rose 11% to 104.0p each on Wednesday in London, implying a market value of around £17.1 million.

It added that on Thursday, it will complete the acquisition of 53 North and issue 2.8 million consideration shares, meaning there will be 19.1 million shares in issue.

Including the shares to be issued as part of the 53 North deal, the current 104p share price suggests a market value of around £19.9 million.

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