| 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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