Shares in the company, which supplies hire cars on credit to motorists whose vehicles are off the road following non-fault accidents, were priced at 100p, giving a flotation value of £16.3 million on Monday. The share issue raised £5.5 million, net of expenses, for the company. It plans to spend £0.35 million expanding its 400-strong fleet and a similar figure developing its network of depots, which currently stands at five.

Helphire aims to have a fleet of between 800 and 1,000 vehicles within 12 months and is planning to open around six new depots within 18 months. It hopes to have a network of between 30 and 80 depots within five years. The company currently uses vehicles rented from Avis Rent a Car, Europcar and Alamo Rent a Car alongside its own cars in order to provide a nationwide service.