LONDON (Alliance News) - Energy technology company Intelligent Energy Holdings PLC priced its initial public offering and started conditional dealings Friday, while Hunter Resources resumed trading following the completion of its reverse takeover of Gold Hunter.
Intelligent Energy priced its offer at 340 pence per share, giving it a total market capitalisation of GBP639 million. Early Friday, the company's shares were trading down 2.9% at 330 pence.
The company offered 16.5 million new and existing shares in its IPO, representing 8.76% of the company's enlarged issued share capital, which raised proceeds of GBP55 million for the company.
Additionally, a major shareholder has exercised warrants to subscribe for shares, meaning the total raised through the offering and warrant exercise was around GBP71.6 million.
Barclays Bank PLC and Canaccord Genuity Ltd are joint global co-ordinators and book runners, Parva Capital Ltd is co-lead manager, and Rothschild is the company's financial adviser.
The company said that it will use the funds to capitalise on opportunities in its consumer electronics, distributed power and generation and motive divisions.
Hunter Resources completed a reverse takeover of Global Pearl Ltd's subsidiary Gold Hunter SAC, which operates in Peru, and raised GBP925,000 through the placing of 61.7 million shares at 1.5 pence Thursday.
Shares in Hunter were quoted at 1.69 pence Friday morning, having been suspended from trading since December.
Through the reverse takeover, the company now has an interest in the Pampamali project in central Peru, which consists of eight exploration concessions, and a total area of around 3,500 hectares.
"I look forward to working with the management team on developing the Pampamali Project in Peru, which we believe is a great opportunity for the company," said Executive Chairman Simon Hunt.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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