With plans to sell electric motors for smaller delivery vehicles, Oxfordshire based company Saietta PLC has raised £37.5 million in its IPO on the London Alternative Investment Market (AIM).

Saietta PLC makes electric motors for L category electric vehicles that include motorcycles like scooters and motorbikes but also small four-wheeled delivery vehicles like tuk-tuks. The company expects to qualify for the London Stock Exchange Green Economy Mark.

The funds raised in the IPO give it a market capitalisation of around £100 million, despite making a small loss last year as it prepared for full production.

As a first target market, Saietta PLC aims to sell to the Asian light motorbike market thanks to its AFT 150 motor being optimised for start-stop urban journeys in hot climates.

“Although the motor industry and the market has focused on the electrification of the passenger car segment, Saietta has taken a contrarian view and focused on high volume, high growth markets,” explained Chief Executive Vic Kist. “We have taken high-end, high-performance technology and redeveloped it for low-cost, mass production giving our AFT motors potential across a wide range of end markets.”

Within three years Saietta PLC aims to be making 100,000 units a year.