Haydale Graphene Industries joins AIM
Market Open video
Monday, 14 April 2014
London Stock Exchange today welcomes Haydale Graphene Industries to an opening ceremony, marking the admission of its shares to trading on the AIM market.
Haydale has developed a proprietary scalable plasma process to functionalise graphene and other nanomaterials. Graphene is stated to have potential applications in significant markets but industry’s challenge is to sympathetically functionalise the graphene to either enhance dispersion, bonding or both and to be able to do this on a commercial scale. Haydale believes it has a solution to this problem.
The Company has raised £6.6 million before expenses through a placing of 3,142,861 new ordinary shares at a placing price of 210p per share. On admission, the Company has 11,247,823 ordinary shares in issue, giving the Company a market capitalisation of approximately £23.6 million.
The Company will be using the proceeds of the IPO to; expand and broaden the engineering, production, technical and business development teams to support product development; increase the capacity of graphene the group is able to functionalise; increase sales and marketing functions; further enhancement and new development of intellectual property and for general working capital requirements.
John Knowles, Chairman of Haydale said:
"We are immensely pleased to be joining AIM at this point as we feel that the flexibility and funding that a listing provides will allow us to bring forward the commercialisation of graphene and start to fulfil the potential of this exciting material."
Cairn Financial Advisers and Hume Capital are the Company’s Nominated Adviser and Broker respectively.