Derbyshire tech firm lines up £17.4m AIM flotation

Hilton-based Light Science Technologies has revealed plans to float on AIM in a move that would value the firm at £17.4m.

The Derbyshire company, which specialises in controlled environment agriculture technology and contract electronics manufacturing, says it expects to seal the IPO on Friday (October 15).

Light Science Technologies’ current client base includes Rentokil’s pest division, Cloud Electronics, Calex Electronics and Sensonics.

Simon Deacon, CEO, said: “We eagerly anticipate the next step in our journey through the admission to trading on AIM. The Company is well placed to use the funds raised in the placing to develop our substantial CEA pipeline and take full advantage of our increasing presence in this growing market. We believe there will be significant demand for our solutions – especially given increasing food shortages and security issues, climate change and growing populations all underpinning demand as growers look to increase yields and reduce energy consumption and costs.”

Strand Hanson is acting as nominated and financial adviser, with Turner Pope Investments (TPI) acting as broker in relation to the placing.