(Alliance News) - Saietta Group PLC, an Oxfordshire-based maker of electric motors, said it raised GBP37.5 million in its initial public offering on AIM, with trading to begin on Wednesday.
Saietta makes motors for electric vehicles mainly in the 'L Category', meaning two-wheelers such as scooters and motorbikes and small four-wheeled vehicles such as tuk tuks and last-mile delivery vehicles. It expects to qualify for the London Stock Exchange's Green Economy Mark.
The company issued 29.3 million shares and sold 1.9 million existing shares at 120 pence each in a placing run by Canaccord Genuity Ltd as nominated advisor, sole bookrunner and sole broker.
At the IPO price, Saietta will have market capitalisation of GBP102.1 million upon the start of trading on AIM on Wednesday.
The company booked a loss before interest and tax of GBP7.3 million on revenue of GBP870,966 in the financial year that ended March 31, amid early commercialisation of its motor technology.
Initially, Saietta has developed its AFT electric vehicle motor for the Asian light motorbike market. It said its AFT 150 variant is optimised for start-stop urban journeys in hot climates.
"Although the motor industry and the market has focused on the electrification of the passenger car segment, Saietta has taken a contrarian view and focused on high volume, high growth markets," explained Chief Executive Vic Kist. "We have taken high-end, high-performance technology and redeveloped it for low-cost, mass production giving our AFT motors potential across a wide range of end markets."
Saietta said it will used the IPO funds to expand its UK-based production capacity to 100,000 units per year within three years.
By Tom Waite; thomaslwaite@alliancenews.com
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