SourceBio International, a provider of integrated laboratory services and products, has stated trading its shares on AIM.
The news comes after the Nottingham-based firm’s IPO raised gross proceeds of £35.0 million. The market capitalisation of the company is approximately £120.2 million on admission.
The money raised will be used to repay outstanding shareholder and bank loans and for general corporate expenses, including working capital and capital expenditure required in order to further scale-up its COVID-19 testing business.
Jay LeCoque, Executive Chairman, said: “We are delighted by the strong support we’ve received from new institutional investors and our existing shareholders.
“Our IPO on AIM allows us to significantly increase our COVID-19 testing capacity, accelerate earnings growth in our core business and execute on potential M&A opportunities.
“It’s an exciting time for our business and we look forward to executing on our ambitious growth plans and delivering value to our shareholders.”
The firm was previously listed on the main London market, but it was taken private by shareholders, including Harwood Capital and Continental Investment Partners, in 2016, in a £63m deal.