Tirupati Graphite PLC (LON:TGR), a Madagascar-focused graphite producer, has made its debut on the LSE’s Main Market after raising £6mln at 45p per share.

The shares traded at 53.5p in early dealings, valuing the group at around £40mln.

Tirupati also confirmed it has been awarded the LSE’s Green Economy Mark, which recognises companies that derive 50% or more of their total annual revenues from products and services that contribute to the global green economy.

In a statement, Shishir Poddar, Tirupati’s chief executive, said:  “We are delighted to commence trading as the LSE’s first pure-play graphite producer. With this milestone reached we have a very exciting opportunity to continue to expand our primary mining and processing operations in Madagascar and downstream value-add operations in India and become a global leader in the graphite market, as well as offering additional upside through our graphene development.”

“In terms of market dynamics, graphite itself is a special material with unique properties with over 150 applications, including its key role in EV batteries, which is why flake graphite has been classified as a critical raw material by both the US and the EU. 

“The graphite market has already risen 8-10% in the last quarter and we believe this upward trajectory will continue as demand continues to rise,” he added.

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