Energy developer Cindrigo today became the latest business to float on the London Stock Exchange, rounding off one of the busiest months for London listings in years after a prolonged drought.
The Finnish business has joined the main market of the exchange after raising proceeds of £2.1m.
The shares have been priced at 12p each, giving the firm a market capitalisation at just over £40m.
Cindrigo said its primary focus is to advance its clean energy initiatives through waste-to-energy and geothermal projects across Europe. It operates the Kaipola Plant, a 110 megawatt combined heat and power waste-to-energy facility in Finland.
The company has also acquired three German geothermal projects with 85 per cent ownership, with a combined target capacity of over 300 megawatts including heat and power, and the potential for lithium production to supplement project revenues.
The firm’s shares had risen four per cent to 12.5p by late morning on Friday.
Cindrigo chief executive Lars Guldstrand told City AM: “I think it’s a huge difference to have the listing when we go to the larger financial institutions.. I think it brings a credibility.”
Gulstrand said choosing London as an IPO venue was “probably more a coincidence”.
“We see that short term it’s probably not the strongest retail market… but we would more look for long term institutions and we see that the credibility factor of London is high as a platform to join,” he said.
“It meets our criteria for being credible, [with] good regulatory requirements, proving that we’re doing this on a high standard which I believe will help us to speed up our development and give confidence and certainty to larger investors.”
IPO revival
The Cindrigo IPO is the latest in a series of flotations on the London Stock Exchange in October, marking a revival in listings in the moribund market that had seen the exchange slip to as low as 23rd in the global rankings.
Also today, tinned food specialist Princes Group debuted in London with a market cap of more than £1bn, with shares priced at the lower end of the marketed range.
Yesterday, specialist lender Shawbrook kicked off its London float targeting a valuation just shy of £2bn with a listing price of 370p. The stock popped following the bank’s debut, peaking at around 400p.
Earlier this month, data centre energy business Fermi completed a dual listing in New York and London, in what was the largest London float by offering size this year and the biggest by market capitalisation since September 2020.
Just £184m was raised on the London Stock Exchange in the first nine months of the year, a far cry from the roughly £17bn raised as recently as 2021 and making 2025 the worst year for listings in more than three decades. The amounts raised represent a tiny fraction of the roughly £40bn that has been raised in the US over the same period.