- Energy company Kibo Energy said its subsidiary Mast Energy Developments had raised in excess of £5 million through Clear Capital Markets for its upcoming IPO on the London Stock Exchange and on listing would have a market capitalisation of about £23 million.

Initial demand has exceeded expectations and the fundraise had now closed, Kibo said.

Proceeds from the IPO would be utilised to acquire and develop a portfolio of flexible power plants in the UK and become a multi-asset operator in the rapidly growing reserve power market.

'Kibo intends to maintain a strategic interest in MED post the initial fundraise and admission of at least 55%, ensuring continued upside from future developments, it added.

At 8:52am: [LON:KIBO] Kibo Mining share price was 0p at 0.22p

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