ES of SyQic, a provider of video to mobile devices, jumped 33.8 per cent during its first day of trading yesterday, to close at 83p.
SyQic, which is headquartered in the UK and listed on London’s junior stock market, delivers live TV and on-demand video to internet connected devices to consumers in the Philippines, Indonesia and Malaysia.
Chief executive Jamal Hassim said the £3.2m raised in the float will be used “to facilitate the next stage of the company’s development”.
Over a million consumers have used the company’s self-developed Yoonic platform, according to filings prior to the listing.
“With the international roll out of SyQic’s mobile video streaming platform, Yoonic, the board believes that the group is poised for future growth,” Hassim added.
Last year, the company boasted revenues from user-fees of £3.9m, which was an increase of 38 per cent compared to the previous year. Profits grew 71 per cent from £366,000 in 2011 to £626,000 last year.
The shares were floated on London’s Alternative Investment Market on the London Stock Exchange yesterday with an initial price of 62p. The stock’s rally gives the SyQic a market cap of £19.2m.