London Stock Exchange welcomes Velocity Composites PLC to AIM
The London Stock Exchange today welcomed Velocity Composites Plc, a leading supplier of composite material kits to the aerospace industry, to celebrate the listing of the Company’s public shares onto the AIM Market of the LSE.
In an oversubscribed placing, Velocity Composites raised gross proceeds of approximately £14.4 million with institutional and other investors and will have a market capitalisation at the Placing Price of approximately £30.4million.
Velocity Composites was founded in October 2007 by three career composite engineer to manufacture kits of raw materials to be used in composite aircraft parts. The Company operates out of two UK facilities, one in Burnley, Lancashire, where it is also headquartered, and one in Fareham, Hampshire, and currently employs a total of 97 staff.
Jon Bridges, Chief Executive Officer of Velocity, said:
“We are delighted to be welcomed to the London Stock Exchange today in celebration of Velocity Composites shares being listed on AIM.”
“Velocity was founded in 2007 on the simple premise of deploying our industry knowledge and expertise to make the supply chain more efficient and less expensive for our customers within the aerospace composites industry.”
“We believe that by listing on the AIM Market of the London Stock Exchange we can enhance our public profile and provide the Company with the platform to expand into new territories and invest into new product development. The listing will also ensure that Velocity is able to take advantage of the strong market dynamics and further strengthen its established position, and we are confident that we have the right team, expertise and strategy to grow the Company and deliver value to both customers and shareholders.”