By Ian Walker
Shares in Aura Renewable Acquisitions PLC rose 80% on Friday as it started trading on the London Stock Exchange, implying a market capitalization of 1.9 million pounds ($2.5 million).
The company, which was formed to buy businesses in the renewable energy sector, has raised GBP1 million as part of its IPO. Shares were issued at 10 pence each.
Shares at 1149 GMT were up 8 pence at 18 pence.
“The company intends to consider opportunities within the renewable energy sector focusing on businesses operating in the global renewable energy sector supply chain, particularly participants in the wind, solar, biomass, hydropower and green hydrogen supply chain ranging from raw materials resourcing to power generation, energy storage and recycling,” it said.
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