Israeli shipping predictive intelligence group Windward has seen its stock rise 5% after completing its initial public offering (IPO) in London on Monday.
The company launched the offering on 1 December to grow the business.
The listing on the AIM board of the London Stock Exchange saw the stock debut at £1.62, although the bourse logged three off-book trades at £1.68.
Windward raised gross proceeds of £26.3m ($35m) of new capital, plus £8.2m for certain existing shareholders and option holders, at an offer price of £1.55 per share.
The market cap is now £132.6m.
London's second shipping IPO in 2021
This was the second shipping-linked IPO in London this year, following the float of Ed Buttery's bulker company Taylor Maritime Investments in May.
Windward has 81.6m shares in issue.
The company, founded in Israel in 2010 by ex-navy officers Ami Daniel and Matan Peled, provides real-time information and insights on major vessels at sea, helping clients manage risks, particularly on sanctions compliance.
Chief executive Daniel said Monday marked the next step in the growth of Windward.
"I am grateful for all the hard work of our team and support of our investors that have helped bring us to this point," he added.
Daniel said the global maritime industry is facing pressure from multiple directions, increasing compliance requirements, increasing freight shipping costs and lack of data.
And all this comes with a pressing need to steer towards a carbon neutral future, he added.
"We are committed to providing the solution to our customers to plot a course through these issues and are excited by the opportunity we see ahead," the CEO said.
Windward has more than 70 clients worldwide, including BP, Shell, HSBC, Gard and Danske Bank.
The US department of Defence and Homeland Security, the pan-European border and coast guard agency Frontex and the United Nations are also customers.
