Amcomri Group PLC shares rose slightly, as the engineering services and industrial manufacturing group started trading on AIM in London on Friday.

Amcomri raised £12 million in its initial public offering, placing 21.8 million new shares at 55 pence each, as planned. At the IPO price, the company had a market capitalisation of £39.5 million upon admission.

Late Friday morning, the stock was last traded at 57.40p, so up 4.4%.

The IPO was led by Cavendish Capital Markets Ltd as broker and nominated adviser. It becomes only the 13th IPO on AIM as 2024 draws to a close.

London-based Amcomri operates a ’buy, improve, build’ strategy for specialist engineering services and industrial manufacturing.

This makes it similar to FTSE 100 constituent Melrose Industries PLC, though Melrose currently consists only of the aerospace engineering businesses bought as part of its hostile takeover of GKN in 2018, having split off automotive engineering firm Dowlais Group PLC last year.

Amcomri currently consists of two divisions: Embedded Engineering and B2B Manufacturing. It was formed in 2022 and is led by co-founders Paul McGowan as non-executive deputy chair and Hugh Whitcomb as chief executive officer.

In 2023, Amcomri recorded £5.8 million in adjusted earnings on turnover of £47.1 million.

‘Our admission to AIM will help us continue to drive our proven growth strategy, which has benefited from strong management direction and an appetite for companies to leverage our expertise,’ McGowan said.

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