28th May 2021 10:08
(Alliance News) - Oxygen-equipment developer Belluscura PLC on Friday said it raised GBP17.5 million in its AIM float, with the Tekcapital PLC investee putting the cash towards US regulatory approvals.
Belluscura priced its initial public offering at 45 pence. The stock was trading at 53.40p each in London on Friday morning, up 19% from its float price and valuing the company at GBP60.5 million.
Belluscura had a market capitalisation of GBP51 million on admission.
Tekcapital shares were up 1.6% at 15.50p each.
Belluscura, registered in London but with an operating base in Plano, Texas, said it either owns or licenses a total of 26 oxygen device patents.
It earlier in May said the IPO funds would be used to improve marketing, research new products, and help secure US Food & Drug Administration approvals.
SPARK Advisory Partners Ltd acted as nominated adviser, with Dowgate Capital Ltd the sole broker and bookrunner.
The company added that the global respiratory devices market is estimated to be worth USD23.4 billion in 2021, rising to USD28.6 billion by 2024.
"The Belluscura team is excited to be trading on the AIM market of the London Stock Exchange. We are pleased to welcome new shareholders and thank them for their support in the company," Chief Executive Officer Robert Rauker said.
By Eric Cunha; [email protected]
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