Businessman checking stock market online

Lab services specialist SourceBio International plc (LON:SBI) defied the early gloom to get off to a premium start on its first day of trading on AIM.

At 9 am the stock was up 11p at 173p, providing those who backed the float with a modest early profit on their investment.

For the business, the £35mln raised will be used to scale up COVID-19 testing capacity as well as paying off shareholder and bank loans.

The positive debut has added around £8mln to SourceBio’s initial £120mln market capitalisation.

Chairman Jay LeCoque said: “We are delighted by the strong support we’ve received from new institutional investors and our existing shareholders.

“Our IPO on AIM allows us to significantly increase our COVID-19 testing capacity, accelerate earnings growth in our core business and execute on potential M&A opportunities.

“It’s an exciting time for our business and we look forward to executing on our ambitious growth plans and delivering value to our shareholders.”