Transport technology provider Aurrigo International will list itself on the Alternative Investment Market (AIM) of the London Stock Exchange as it looks to accelerate growth across its aviation division.
Aurrigo International has raised £8m (US$9.3m) to fund expansion plans that will see the continued development and future rollout of its autonomous cargo and airport luggage vehicle Auto-Dolly. The investment will be used to scale up production at its engineering center in Coventry in the UK and build on the trials at Changi International Airport in Singapore and Gerald R Ford International Airport in Michigan. According to the company, more than 50 jobs are set to be created in the UK and at overseas sales and technical offices in North America and the Far East.
Aurrigo International placed 41,666,667 ordinary shares at 48p (US$0.56) per share on Thursday’s listing, giving the company a market capitalization at the commencement of dealings of £20m (US$23.4m). Singer Capital Markets acted as nominated adviser and broker to the company.
Prof. David Keene, CEO of Aurrigo International, said, “The global transportation market is ripe for disruption. Aviation has significant structural constraints, with decades-old technology/equipment and labor shortages hampering its recovery from Covid-19 and its long-term growth prospects. Our innovative, autonomous technologies are ready to revolutionize airport ground handling of baggage and cargo, and our Auto-Sim ‘digital twin’ modeling software can unlock efficiencies for all aspects of airport operations worldwide.
“29 years of experience in the automotive sector and expertise in complex project delivery programs means that we are very well positioned to deliver on these products, which have immense potential to solve a serious industry problem internationally. An AIM IPO [initial public offering]represents a significant milestone for Aurrigo and provides a platform to fulfill our potential whilst making a meaningful difference to airports, airlines, passengers and cargo around the world.”