(Alliance News) – Quantum Exponential Ltd is seeking to raise up to GBP5 million in an initial public offering on the Aquis Stock Exchange in London, it announced on Friday.
The London-based company is proposing a placing to investors and subscription to shareholders at 5 pence a share when it floats in August.
A pre-IPO fundraising round generated GBP2.5 million and Quantum has already secured "firm commitments of around GBP2.3 million" for the IPO.
Quantum describes itself as the "first investment company focused solely on quantum technology", including communications, sensing, software and components. Quantum technology is an emerging field of engineering, which relies on the principles of quantum physics to make real-world advancements in pharmaceuticals, data security and other sectors.
The company plans to use proceeds from the float to "create an initial portfolio of between eight to ten investments", with each investment to have an expected value of between GBP100,000 and GBP500,000. More than 175 quantum companies have already been screened and over 60 start-ups identified which "potentially meet the company's investment strategy".
"This first of its kind investment category will give institutional and private investors access to many forms of technical innovation, which over the next decade is expected to deliver very strong returns for early investors," commented Chief Executive Martin Schwedler.
"The admission will enable us to access capital which can accelerate our investment decisions, maximise the opportunity ahead and, we believe, deliver rewards and results for all stakeholders. With a significant amount of money already raised and committed, we look forward to welcoming further new investors at this important time for the company, and to sharing a highly prosperous future."
Oberon Capital is acting as sole bookrunner and broker and Novum Securities is acting as adviser for the float.
By Will Paige; willpaige@alliancenews.com
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