IntelliAM AI starts trading on AQSE

3rd Jul 2024 15:05

(Sharecast News) - IntelliAM AI, a software company specialising in AI and machine learning for the manufacturing industry, announced the start of trading of its shares on the Aquis Stock Exchange Growth Market on Wednesday.

Trading began on Wednesday morning under the ticker symbol INT.

Following a placing that raised gross proceeds of £5.08m, IntelliAM said it would have 16,382,534 shares in issue, giving it an initial market capitalisation of about £15.4m.

On Thursday, 4 July, IntelliAM was set to complete the acquisition of 53 North and issue 2,759,042 consideration shares.

Post-acquisition, the company would have 19,141,576 shares in issue, representing a market capitalisation of £17.99m at the placing price of 94p per share.

IntelliAM explained that it leverages AI to enhance the operating efficiency of its manufacturing clients' existing assets.

By processing extensive data from clients' machines and operational systems through its platform, IntelliAM said it provides actionable insights aimed at improving productivity, reliability, supply-chain optimisation, energy efficiency, and sustainability.

"We are delighted to be joining the AQSE Growth Market at a time when we have combined our established manufacturing asset management consultancy with our more recently developed and launched IntelliAM AI platform," said chief executive officer Tom Clayton.

"We believe that this platform has immense and proven potential to reduce unscheduled manufacturing downtime, improve producer operating efficiencies and thereby increase our clients' profitability."

Reporting by Josh White for Sharecast.com.