Tribe Tech, an autonomous mining equipment manufacturer, has successfully completed an Initial Public Offering (IPO) on the Alternative Investment Market (AIM) of the London Stock Exchange. The company, trading under the ticker “TRYB,” raised £4.59 million in gross proceeds during the IPO and achieved a market capitalization of £22.2 million.
Founded in 2019, Tribe Tech specializes in autonomous mining equipment, and its product range includes autonomous drilling equipment, including a self-sampling system and an autonomous drill rig designed to enhance safety and efficiency in mining operations. The funds raised through the IPO will be used to further develop these automated drilling solutions.
Tribe Tech has ambitious plans, aiming to complete its first autonomous drill rig by the end of 2023. The company already has orders totaling over £10.5 million for its mining technology products, indicating strong demand for its innovative solutions.
Charlie King, CEO and founder of Tribe Tech, expressed confidence in the company’s listing on AIM, highlighting the market’s international investor base and track record of supporting technology companies in achieving their growth objectives.
During the IPO, Tribe Tech issued 44,000,000 ordinary shares priced at £0.10 each. Although shares experienced a nearly 9% decline on the day following the listing, the successful IPO marks a significant milestone for the company.
Tribe Tech is headquartered in Mallusk, Northern Ireland, and operates in Western Australia. Its cutting-edge technology addresses the reverse circulation drill rig market, offering solutions to improve efficiency and safety in a rapidly evolving industry.
This IPO represents a positive development for London’s public markets, which have faced challenges in recent times. The successful listing of Tribe Tech demonstrates investor interest in innovative technology solutions within the mining sector and reflects the potential for growth and advancement in the field of autonomous mining equipment.