19th May 2023 10:21
(Alliance News) - IQE PLC on Friday said it has raised GBP1.1 million through the issue of 5.5 million new shares at a price of 20 pence each, to existing retail investors.
On Thursday, IQE said it had raised GBP30 million in share placing of 150.0 million shares at 20p each.
The placing price represents a discount of 15% to Wednesday's closing price of 23.5p per share.
Shares in the Wales-based compound semiconductor wafer product supplier were up 15% to 23.86 pence each in London on Friday morning.
IQE noted that that it has raised about GBP31.1 million from the REX retail offer and placing offer.
IQE launched the fundraise on Wednesday as its annual pretax loss widened to GBP75.4 million from GBP22.2 million. The company said current trading was affected by a temporary downturn in the semiconductor industry.
By Sophie Rose, Alliance News reporter
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