Elgin-based housebuilder Springfield Properties said its shares started trading on London’s secondary AIM market.

Springfield said its IPO raised £25 million before costs and expenses through the placing of 23.58 million new shares at 106p per share, capitalising Springfield at £87 million.

The shares were later trading up almost 3%.

Springfield executive chairman Sandy Adam said: “I am delighted that we have been able to bring £25 million of investment into Scotland.

“This will support an increase in the number of homes we build and create new jobs.

“The level of support shown by our new investors on our admission to AIM is gratifying.

“It is a real endorsement of the work our employees have put into building a strong and growing business. 

“I would like to thank our new investors for their faith in our company and its staff.

“Springfield is poised to play a significant part in the delivery of the many new homes needed across Scotland.

“Our investment in the infrastructure of new Villages will accelerate our building of new homes, private and affordable, in new communities.

“The Scottish Government’s aim of building 50,000 affordable homes by 2021 has created an opportunity which underpins the growth of our affordable housing business.

“We welcome our new shareholders, and look forward to updating them and the wider market as we develop our pipeline of projects and position Springfield as a leading housebuilder in Scotland.”