Tribe Technology Shares Rise in Stock Market Debut

By Ian Walker

Shares of Tribe Technology rose as much as 11% on Tuesday as the company started trading on the London Stock Exchange’s junior AIM, implying a market capitalization of 24.5 million pounds ($30.9 million).

Shares at 0745 GMT were up 1.0 pence, or 10%, at 11.0 pence, having peaked at 11.10 pence as trading stared.

The developer and manufacturer of autonomous mining equipment has raised GBP4.6 million as part of its initial public offering at 10 pence a share. It plans to use the money toward working capital, including fulfilling its existing order book and increasing its inventory levels, research and development, and operational and sales expansion.

“We believe that AIM is a natural fit for Tribe Tech, with its international investor base and proven track record for helping technology companies achieve their growth ambitions,” Chief Executive Charlie King said.

The company was incorporated in Northern Ireland in late March, and is the holding company of Tribe Technology Group. The group was founded in late 2019 in Western Australia, and has since established a headquarters and manufacturing facility in Northern Ireland.

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