Dec. 23 (Bloomberg) -- Shaft Sinkers Holdings Plc, a South African developer of shafts for underground mines, rose 8 percent on its London trading debut today.
The stock opened at 132 pence, more than 6 percent above its 124 pence placement price, and rose to 134 pence as of 2:04 p.m. in London, valuing the company at 63.7 million pounds ($98 million).
Shaft Sinkers, which built its business in South Africa where some of the world’s deepest mining shafts are located, said it will use the capital to expand into new industries and countries including India.
“The directors of Shaft Sinkers believe that global demand for shaft sinking will continue to grow as a result of the depletion of surface and shallow mineral ore bodies, growing environmental pressures and growth in alternative end-market applications,” the company said in its prospectus published on Dec. 20.
To contact the reporter on this story: Renee Bonorchis in Johannesburg at firstname.lastname@example.org