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Sondrel begins trading on London's AIM; raises GBP20 million

Fri, 21st Oct 2022 13:49

(Alliance News) - Sondrel Holdings PLC on Friday said it has raised GBP20 million, as it begins to trade on London's AIM market.

Sondrel is a Reading-based fabless semiconductor business providing turnkey services in the design and delivery of "application specific integrated circuits" and "system on chips" for global technology brands. Fabless manufacturing is the design and sale of hardware devices and semiconductor chips while outsourcing their fabrication to a specialized manufacturer.

It announced its intention to float earlier this month, planning to raised GBP20 million on its initial public offering.

On Friday, Sondrel said it has raised GBP20 million through a placing of 36.4 million shares at a price of 55 pence each. Cenkos Securities PLC acted as its bookrunner.

Sondrel shares were unchanged at 55p on Friday afternoon in London.

The proceeds of the placing will be used to increase the number of engineers the company employs; accelerate sales in the US and in other geographies and strengthen its balance sheet.

It also said its admission onto London's AIM has been successful. The market capitalisation of the company is about GBP48.1 million. It has 87.5 million shares in issue, with just over 41% in public hands.

Financially, Sondrel has delivered revenue growth from its inception in 2002 to December 31, 2021 at a compound annual growth rate of 20%. As at July 31, 2022, the pipeline of revenue opportunities stood at over GBP300 million, it said.

The directors have ambitions to grow revenue to over GBP100 million in the medium term.

Chief Executive Graham Curren said "Sondrel is well positioned to benefit from a number of industry and geopolitical megatrends and has a clear strategy to grow revenues to over GBP100 million in the medium term as demand for our highly complex application-specific integrated circuit chip solutions continues to grow. The differentiated design capability we have developed, designing down to 5 nanometres, makes this a highly significant initial public offering for the UK semiconductor industry."

By Sophie Rose; sophierose@alliancenews.com

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