Andor Technology, a developer and manufacturer of high performance digital cameras and their associated products, today announces its admission to AIM and the commencement of dealings in its ordinary shares.
Belfast-based Andor develops and manufactures a range of high performance digital cameras and associated products used for the measurement of light.
The company has raised approximately £4.5m (€6.5m) (before expenses) through a placing of 5,015,643 shares at 90p per share.
On admission, Andor has a market capitalisation of approximately £23m (€33m). In addition, the company’s existing institutional backers have placed 4,145,865 shares, raising approximately £3.7m (€5.3m).
The placing shares have been placed with institutional investors, including venture capital trusts, by Bridgewell, which will act as nominated adviser and broker to Andor Technology.
The net proceeds of the placing will be used to accelerate research and development and to purchase capital equipment that will increase automation of the company’s production process.
It will also be used to develop new sales channels for Andor, as well as to redeem certain preference shares.
Andor is a Belfast-based firm which operates at the high-value end of the $38.6bn global digital camera market was set up in 1989 as an incubation business at Queens University Belfast.
In 2001, private equity firm LDC provided significant development capital to help increase production capacity and assist the firm’s entry into new markets.
Andor now employs 145 people and distributes its products to customers in at least 29 countries worldwide.
Remarking on today's AIM admission, Dr Hugh Cormican, Andor chief executive said: “Our admission represents a critical step in the continued development of our company.
"This listing will raise the equity funds necessary for us to accelerate the company’s strategic aims and will also raise Andor’s profile among suppliers and both existing and potential new customers.”
Andor non-executive chairman Dr Bryan Keating said: “Today’s admission to AIM is a significant step forward for our company and a clear reminder of the real innovations taking place in Northern Ireland’s universities and private sector.”