UK cable protection company Tekmar has raised £61.8m from investors ahead of its initial public offering on the London Stock Exchange’s AIM market next week.
Dealings in the 47.5m shares are due to start on 20 June, with a share price of 130p.
Tekmar will have a market capitalisation of £65m, the company said, adding that the proceeds of the placing would be used to repay debt and to fund future expansion.
Tekmar chief executive James Ritchie said: “Being a quoted company will, we believe, allow us to execute our strategy, to become the partner of choice for the supply of subsea protection equipment to the global offshore energy markets, whilst retaining our independence with customers and suppliers.”
Image: Tekmar
Investors fill Tekmar coffers
By EBS