An autonomous vehicle manufacturer is planning to float on the AIM market of the London Stock Exchange as it looks to accelerate growth across its aviation division.
Aurrigo International, which was formed 29 years ago by brothers David and Graham Keene, has initially raised £8 million to fund expansion of the firm which will see further development and rollout of its ‘Auto-Dolly' product which carries cargo and luggage at airports around the world.
The new investment will be used by the Coventry-based company to scale up future production and build on successful trials at Changi International Airport in Singapore and Gerald R Ford International Airport in Michigan. More than 50 jobs are set to be created in the UK and at its sales and technical offices in North America and the Far East.
Aurrigo International has placed 41.6 million ordinary shares at 48 pence per share on the listing, giving the company a market capitalisation at the commencement of dealings of around £20 million.
Trading is due to begin on AIM this Thursday, with management floating around 40 per cent of the company on the stock exchange.
David Keene said: "The global transportation market is ripe for disruption. Aviation has significant structural constraints, with decades old technology and equipment and labour shortages hampering its recovery from Covid-19 and its long-term growth prospects.
"Our innovative, autonomous technologies are ready to revolutionise airport ground handling of baggage and cargo. We are very well positioned to deliver on these products which have immense potential to solve a serious industry problem internationally."
Aurrigo International designs, engineers, manufactures and supplies products and autonomous vehicles to the automotive, aviation and transport industries.
It has created six autonomous vehicles which are aimed at reducing costs, resolving operational issues and tackling labour shortages.
Mr Keene added: "The UK has always made it clear that it wants to lead the future mobility race and Aurrigo is one of a select number of companies that have developed autonomous technology solutions that have been proven to work in real-world environments, whether that is first or last mile city transport routes or moving cargo and luggage around airports.
"The AIM flotation is a milestone moment in our history and will give us the capital investment and profile we need to accelerate the future roll-out of our autonomous technology solutions."
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