| CATEGORY: NEW ISSUES SECTOR: ELECTRONIC & ELECTRICAL EQUIPMENT |
IdaTech raises £12.7m ahead of AIM float |
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Mon 06 Aug 2007
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LONDON (SHARECAST) - US-based advanced fuel cell solutions group IdaTech raised about £12.7m when it floated on AIM this morning, giving the company a market capitalisation of £49.5m.
The group, which makes hydrogen-powered fuel cells for back-up systems, which can maintain power when the grid fails, placed 14.18m new shares and 1.09m existing shares at 100p each, representing about 30.9% in the company.
IdaTech has also entered into a medium term loan note of about £5m, giving it access to aggregate funding of around £17.7m.
“The float will enable the company to increase its research and development efforts and widen its sales and marketing capabilities to encompass a greater number of geographies, vertical industries and distribution channels,” said chief executive Harol Koyama.
Dresdner Kleinwort is nominated adviser and broker to the company.
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