21st Feb 2014 09:22
LONDON (Alliance News) - IP Group PLC shares jumped to the top of the FTSE 250 Friday after the firm announced that its portfolio company, Xeros Ltd, intends to float on AIM to raise funds to bring its cleaning product to the laundry market.
The developer of intellectual property based businesses said Xeros' admission is expected to take place in March this year.
Xeros, a spin-out company from the University of Leeds, has developed a patented polymer bead cleaning system and is targeting the product at the laundry market.
The funds raised in the AIM initial public offering are expected to support Xeros in rolling out in the commercial laundry market, and to fund the research and development process through to commercialisation in other identified applications, not least in domestic laundry, said the firm.
"Xeros' technology has the potential to transform a number of industries globally and our planned Admission to AIM will help accelerate our roll-out in commercial laundry and fund development through to commercialisation in other identified markets," Xeros Chief Executive Bill Westwater said in a statement. "I am delighted that our major shareholders are highly supportive of our proposed listing and associated fundraising."
IP Group has an undiluted beneficial stake of 14.6% in Xeros.
Jefferies International Limited is acting for Xeros in relation to the proposed AIM listing.
Xeros said that it has raised over GBP15 million from investors to date, including GBP10 million from new and existing ventures in March 2013.
IP Group shares were up 3.1% at 220.72 pence Friday morning, having previously risen 7.32% on the news.
By Alice Attwood; [email protected]; @AliceAtAlliance
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