LONDON (ShareCast) - Residential letting business MartinCo made good progress on its first morning of trading as an AIM-listed company, having raised a gross 10.4m pounds.

Shares in the company rose 16% by midday on Wednesday, having been placed with institutional shareholders at 100p per share to give the Bournemouth-based company a valuation of £22m and £4m of gross proceeds to expand its franchise model.

Chief Executive Ian Wilson said: "The group is excited to begin its next phase of growth as a public company. It is a strong endorsement of our business that it has attracted such high-quality institutional shareholders on its IPO.

"The group has a clear strategy and believes it is well placed to further consolidate its position as one of the UK's largest residential lettings agents and build out its estate agency services."

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