Shares of LendInvest PLC rose as much as 10% in early trade Wednesday as the company started trading on the London Stock Exchanges Junior AIM, implying a market capitalization of 281.7 million pounds ($389.2 million).
The non-bank mortgage lender said earlier this month that it planned to raise GBP40 million as part of its IPO which will be used to accelerate the company’s technology roadmap and expansion into new property finance product areas.
Shares at 0801 GMT were up 15.0 pence, or 8.1%, at 201.0 pence having peaked at 205.0 pence earlier in the session.