LONDON-BASED artificial intelligence firm Pri0r1ty AI is gearing up to float on the capital's Aquis Exchange next month.

The bootstrapped software company, pending regulatory clearance, is aiming to raise at least £600,000 in a public listing in early July to launch its product.

Pri0r1ty AI offers a platform providing support services in investor relations, public relations, and corporate governance, designed to enhance efficiency and reduce costs for small and medium-sized businesses.

It automates tasks like writing press releases and social media content, typically handled by multiple external agencies, while also offering access to human expertise when needed.

The Aquis Exchange, designed to support the growth of SMEs with a specialised regulatory environment, admitted 16 new companies last year, the most of any UK growth exchange. Pri0r1ty's initial public offering (IPO) will be among the first for Aquis in 2024.

Chief executive Dan Gee and executive chairman James Sheehan (pictured), who describe themselves as "born and bred" Londoners, have previously built businesses and have extensive backgrounds in equity capital markets.

"I'm super excited," Gee said about the initial public offering (IPO). "It's a big thing. I think people are missing the romance of the London Stock Exchange, UK capital markets and taking your company public.

"It's a massive achievement as a business owner, as an entrepreneur, to have a business that has grown to that point," Gee continued. "The reception has been amazing, from investors and from institutions, even though we're a really tiny company. They love the tech and the demos."

Going public is also beneficial from a commercial perspective. "It's a shop window for our business," he explained. "We are a company growth platform, and having that visibility is crucial."

Although small, Pri0r1ty's IPO is likely to be greeted positively as a sign that London's equity markets still hold promise.

Sheehan is optimistic about the future. "At some point, it will start to become a better place to operate... and I do think that the tide will change, and we'll start to see capital inflows. I'd like to be part of that turnaround story."

(c) 2024 City A.M., source Newspaper