UK geophysical company Metatek has completed its IPO on the Toronto Stock Exchange, raising C$35 million ($26 million), marking Canada’s first tech IPO in five years.

The listing was supported by major shareholder Pillar Four Capital Partners, which highlighted Canada’s strong investor understanding of mining, minerals, and oil and gas sectors.

Based in Milton Keynes, Metatek is a global leader in geophysical data acquisition, processing, and interpretation for air, land, and marine exploration.

 It uses advanced technologies such as airborne Full Tensor Gravity Gradiometry (FTG) to produce 3D subsurface imaging for resource exploration.

Dr Mark Davies, CEO of Metatek, says: “This IPO comes at a timely moment, as the growing global focus on energy security, critical minerals and supply chain resilience is driving increased demand for our solutions. With this capital, we are well positioned to accelerate our next phase of growth as we expand our global airborne geoscience capabilities and advance a strong pipeline of developments.”

Speaking to Canadian newspaper the Globe And Mail ahead of the IPO, Dr Davies explained that his next target is a $1 billion valuation.

“The addressable market we are in is billions and billions of dollars, and we know where we can leverage that,” he said. “We feel we have the right technology and the right team in place, and with the right backing, we believe we are positioned for accelerated growth.”