(Alliance News) - Derby-based electronics and agricultural technology firm Light Science Technologies Holdings PLC plans to list on London's AIM market, it announced on Monday.
The company expects to go public in early October. Details about a fundraising target, initial public offering price and market capitalisation are yet to be confirmed.
LSTH has two divisions - UK Circuits, which provides contract electronics manufacturing; and Light Science Technologies, which makes equipment for the indoor, vertical and medicinal farming markets. UK Circuits has a factory in Manchester and Light Science Technologies has a laboratory in Derby.
UK Circuits was founded in 1997, while Light Science Technologies was formed in 2019.
LSTH's shareholders are Chief Executive Simon Deacon, with a 92% stake, and Gordon Hall, who owns the rest.
But the IPO also will be a win for Intuitive Investments Group PLC, a life sciences investment fund. It holds GBP1 million convertible loan notes in LSTH, which will convert automatically once the company goes public, at a 20% discount to the IPO price.
Shares in Intuitive Investments were untraded on Monday. They closed at 18.25 pence on Friday, down 18% year-to-date.
LSTH's only board member other than Deacon is Non-Executive Director Robert Naylor, although the company has proposed a slate of new directors to join ahead of the IPO.
By Ivan Edwards; ivanedwards@alliancenews.com
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