Kistos PLC (LON:KIST) shares were on the front foot as they began trading on AIM on Wednesday.

The investment company, which plans to acquire and manage companies in the energy sector, rose to 104p after raising GBP36mln at 100p ahead of the flotation.

Non-executive chairman Andrew Austin previously ran IGas Energy Plc and then founded Rockrose Energy before selling it earlier this year for GBP247.5mln.

Austin’s 27% stake earnt him a sizeable windfall, GBP10.5mln of which he is ploughing back into Kistos.

The name of the company is the Greek name for the cistus genus of flowering plants in the rockrose family Cistaceae, a nod to Austin’s previous business.

As the company point out on its website, these flowers are hardy shrubs found on dry or rocky soils and the board “considers the company’s name to be reflective of the principles underlying its investing policy and strategy”.

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