Stock market debut for equipment monitoring and data analytics business
Tan Delta Systems, a real-time equipment monitoring and data analytics business, will today begin trading on the AIM Market of the London Stock Exchange.
The Sheffield-based company raised gross proceeds of about £6m in total, at a price of 26 pence per ordinary share.
On admission, the business will have a market capitalisation of roughly £19m and will have 73,223,800 ordinary shares in issue.
Zeus and PrimaryBid raised a further sum of approximately £0.6m (before expenses) for selling shareholders. Zeus Capital Ltd acted as Nominated Adviser and broker in relation to the admission.
Commenting on the flotation, Tan Delta CEO Chris Greenwood said: “An incredibly proud moment for me, not only in achieving a successful flotation but having the exciting opportunity to now drive the business through its next phase of accelerated growth.
“None of this would have been possible without the hard work and dedication from all of the Tan Delta team and the continuing support given to us by our early investors.
“Innovation continues to be alive and kicking in the UK and I hope we can be seen as an example to budding entrepreneurs as to what can be achieved.”
Dealings in the ordinary shares will begin at 8am today – 18 August 2023 – under the ticker “TAND”.
The firm has developed real-time equipment monitoring sensors for a range of international blue-chip clients.
These sensors are designed to offer benefits in business areas such as maintenance optimisation, advance fault detection, event identification and Environmental, Social and Governance (ESG).
