Shares of Edinburgh-based Artisanal Spirits Company plc, owner of The Scotch Malt Whisky Society (SMWS), rose on their fist day of trading on the London Stock Exchange’s junior AIM market on Friday.

Artisanal Spirits shares were priced at 112p, giving it a stock market value of £77.96 million.

The shares rose as high as 117.50p.

The company said it raised gross proceeds of £26 million from a combination of institutional and retail investors, including UK members of SMWS.

“The fundraising raised gross proceeds of £15 million for the company and £11 million for certain selling shareholders …” said the company.

“Strong support from SMWS members who invested £2.64 million under the oversubscribed member’s offer …

“Personal investment of £1.00 million by the newly appointed chairman, Mark Hunter …”

Artisanal Spirits Company executive managing director David Ridley said: “The successful fundraise and move onto the public markets, which gave our loyal and discerning members the opportunity to become shareholders, is an exciting landmark for both ASC and SMWS.

“Our members are at the heart of everything we do, and we believe our status on AIM will enable us to access the capital required to bring them an even wider variety of premium, limited edition whiskies, spirits and inspiring experiences. 

“ASC is a distinctive, fast growth, direct to consumer online business with high barriers to entry, operating in an industry with strong tailwinds.

“With a clear vision for the future, we believe our company is at a significant inflection point in its development, and are thrilled by the prospect of sharing our success with our new shareholders.

“I would like to take this opportunity to thank our team as well as our members, suppliers and investors for their support over the years.

“They have made ASC and SMWS what they are today and I look forward to moving into this exciting new chapter in our story with them all.”