One of Wales’ leading tech companies IQE has raised £30m minus expenses after issuing new shares in a fundraise. IQE, which is headquartered in Cardiff and is a world leading supplier of compound semiconductor wafer products, said a total of 150 million new ordinary shares had been placed at a price of 20 pence a share, raising gross proceeds of £30m.
The issue price represents a discount of approximately 14.9% to the closing price of 23.5 pence for each existing ordinary share on Wednesday. The firm revealed its intention to fundraise from the London Stock Exchange on Wednesday morning and today confirmed it had reached its target.
However, IQE’s shares were down 14% at 20.10 pence following the results of the placing, as the firm also looks to raise up to £3m via a retail offer. The company said the total fundraise is to ensure that it can continue to invest to execute on its strategy, meet its near-term liquidity requirements and deliver a sustainable balance sheet going forward.
