2nd Nov 2018 09:25
LONDON (Alliance News) - EKF Diagnostics Holdings PLC's spin-off Renalytix AI PLC confirmed Friday it expects to raise GBP22.3 million in its initial public offering.
The Cardiff-based company, which develops artificial intelligence to support clinical decision making in kidney disease patients, said it will will raise GBP20.8 million via an equity fund raise and GBP1.5 million via a restricted stock offer. It will issue shares at 121 pence each.
The company's market capitalisation on stock admission is estimated at GBP65.1 million. Shares will be admitted to the AIM market on Monday.
The company in mid-October had said it was targeting raising at least GBP21 million, as well as a further GBP3.5 million in a restricted offer.
James McCullough serves as chief executive of Renalytix and Julian Baines as non-executive chairman. Fergus Fleming is chief technical officer.
Following the company's stock market admission, EKF Diagnostics will own a 4.8% stake and Icahn School of Medicine at Mount Sinai 15%. Other major shareholders in the company include current Renalytix Non-Executive Director Christopher Mills with a 17% holding and Lombard Odier & Co Ltd with a 6.4% stake. CEO McCullough will have a 5.3% stake in the company.
N+1 Singer Advisory LLP is serving as adviser and broker.
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