Fluorotechnics has successfully closed its initial public offering (IPO) raising nearly USD8m (GBP5.1m).
Fluorotechnics has been supported by institutional investors from Asia, Australia and Europe as well as professional and retail investors.
The company is expected to list by 31 October 2008 with over 24 million shares on issue and a market capitalisation of over USD24m based on the offer price of USD1 per share.
The Sydney-based company has developed valuable IP based on research over the past decade and has a list of blue-chip clients starting to buy its products.
Fluorotechnics has specialised manufacturing facilities at North Ryde in Sydney and near Stuttgart in Germany.
The company was established in 2002 and was spun out of Macquarie University, which remains a shareholder.
