22nd Jul 2021 18:14
(Alliance News) - Zenova Group PLC on Thursday said its shares have started trading on the AIM market of the London Stock Exchange.
The London-based fire protection and thermal insulation spaces provider said it has raised GBP4.5 million at a placing price of 19 pence per share.
The proceeds attributable to the company from the fundraising, together with its existing cash resources, are intended to support Zenova's growth strategy to build sales in the UK and other regions globally. The net proceeds will be used to manufacture products and establish inventory levels, accelerate the company's research & development programme for additional products, expand the certification and independent testing programme, for marketing and operational expenses and to support working capital.
"The successful completion of our IPO is an exciting next step in our growth and allows us to build on the relationships that Zenova is developing with customers globally," said Chief Executive Tony Crawley.
Upon admission, the market capitalisation of the company was GBP17.7 million. Its shares closed at 23.2 pence each, representing a 22% increase on the admission price.
By Evelina Grecenko; [email protected]
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