$8 million raised for Fluorotechnics IPO
Investment merit prevails in pessimistic market
Fluorotechnics Limited has successfully closed its initial public offering (IPO) raising nearly $8 million. The company comfortably passed its minimum $6 million target. Fluorotechnics has been supported by institutional investors from Asia, Australia and Europe as well as professional and retail investors. The company is expected to list by 31 October 2008 with over 24 million shares on issue and a market capitalisation of over $24 million based on the offer price of $1 per share.
Chief executive officer of Fluorotechnics Dr Duncan Veal said: "Succeeding in a float in this market demonstrates the prospects of the company, as only a very robust investment proposition attracts new capital in these times."
According to Fluorotechnics, the Sydney-based company has developed valuable IP based on proprietary research over the past decade and has a list of blue chip clients starting to buy its products. Fluorotechnics has specialised manufacturing facilities at North Ryde in Sydney and near Stuttgart in Germany. The company was established in 2002 and was spun-out of Macquarie University which remains a shareholder.
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