Nanoco’s £20m launch on main market

TRADING on the main LSE market in shares of Manchester-based Nanoco Group started at 8am today.
 
The company, a specialist in the development and manufacture of cadmium-free quantum dots and other nanomaterials, issued 19,047,619 new ordinary shares at a price of 105 pence each, raising  £20m.

Nanoco, which also has a manufacturing facility at The Heath in Runcorn, says the net proceeds of the Placing of £18.65m will enable Nanoco to fund its expansion strategy of accelerated research, development and commercialisation in its four key target markets – electronic display, LED lighting, solar power and biological imaging.

The revenue raised by the listing will enable improved working capital to support increased capacity and continued optimisation of Nanoco’s quantum dot production processes.

It also aims to hire additional research and development staff and enhance the senior management structure.

Broadening the company’s research capabilities in solar through the appointment of a specialist solar panel manufacturer to prove Nanoco’s technology on larger solar panels is also part of the strategy.

It also aims to invest in laboratory space and the enhance of the company’s intellectual property portfolio.

Chief executive Michael Edelman said: “Nanoco’s transition from AIM to the Main Market comes at an exciting point in the company’s development and marks an important step in our evolution towards its goal of becoming a leading, global materials science business.
 
“The proceeds from the Placing will allow us to accelerate the commercialisation of our technology through the funding of further R&D and through the formation of four distinct business divisions focused on our key target markets of electronic display, LED lighting, solar power and biological imaging.
 
“We are very excited by our commercial progress in the display market.

“We expect, the first LCD TVs to incorporate our technology to be launched in the near future and our worldwide licensing partner Dow is close to commissioning its mass production plant in South Korea, where Nanoco quantum dots will be manufactured in much larger quantities.”

A team from EY in the North West, comprising partner Richard Harding, and directors Stuart Thwaites and John Williams, acted as lead reporting accountant for Nanoco’s admission to the main market.

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