IQE raises £95m in placing

Supplier of advanced semiconductor wafer products and services IQE announced on Friday that, further to its announcement on 9 November regarding the proposed placing of ordinary shares, it has successfully placed 67,941,581 new ordinary shares at a price of 140p per share, raising gross proceeds of around £95m.

The AIM-traded company said the placing shares represented approximately 9.9% of IQE's existing outstanding issued share capital.

Application for admission of the placing shares to trading on AIM would be made in due course, the board confirmed, and the placing shares were expected to commence trading on 16 November.

“Following completion of the transaction, the company has agreed to a lock-up of 90 days,” the board said in its statement.