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 IdaTech says to raise net 10.1 mln stg through IPO; sets price at 100p/shr
Publication Date:23-July-2007
04:00 PM US Eastern Timezone 
Source:Thomson Financial
LONDON--IdaTech PLC said it estimates net proceeds of 10.1 mln stg through its initial public offering and anticipates a market capitalisation of 49.5 mln stg on admission to AIM.

It has proposed a placing of about 14.18 mln new shares and 1.09 mln existing shares at 100 pence each, representing about 30.9 pct in the advanced fuel cell solutions company.

The gross proceeds of the placing to be received from the issue of new shares are expected to be about 12.7 mln stg, IdaTech added.

The company has also entered into a medium-term loan note of about 5.0 mln stg giving it access to aggregate funding of about 17.7 mln stg.

'The company has a strong platform of intellectual property focused on fuel reforming and hydrogen purification - as well as products which have been apprroved for use in a number of commercial applications,' chief executive Hal Koyama said.

Admission to trading on AIM is expected to occur on Aug 6, the company said.
 

 
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