(Alliance News) - Tan Delta Systems PLC started trading on the AIM market in London on Friday, having raised GBP6.0 million for the company in its initial public offering.
Sheffield, England-based Tan Delta makes sensors for equipment monitoring and data analysis. The sensors detect faults and help to optimise maintenance schedules. They reduce the carbon footprint of equipment by reducing the oil and spare parts used and by improving the equipment's efficiency and extending its working life.
At the placing price for the IPO of 26 pence per share, Tan Delta has a market capitalisation of GBP19.0 million. In addition to the GBP6.0 million raise for the company, existing shareholders sold shares worth GBP600,000 at the same price.
In early dealings on Friday, Tan Delta was quoted at 29p, up 12% from the offer price.
The IPO was run by Zeus Capital Ltd as nominated adviser and broker.
Chief Executive Officer Chris Greenwood said the funds raised for the company in the IPO will be used for "its next phase of accelerated growth".
He added: "Innovation continues to be alive and kicking in the UK, and I hope that we can be seen as an example to budding entrepreneurs as to what can be achieved."
By Tom Waite, Alliance News editor
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Tan Delta (TAND)