Another company will start trading on the Australian Securities Exchange (ASX).
Revasum, Semiconductor equipment company, will commence trading on the ASX today following the successful completion of its Initial Public Offering.
The company raised A$30.7 million through the issue of 15.4 million CDIs over common shares at A$2.00 per CDI for an undiluted market capitalisation of A$153.0 million at the offer price. The IPO was fully underwritten by Moelis Australia and Shaw and Partners, and was well supported by both institutional and retail investors.
US based technology venture capital investor, Firsthand Venture Investors, which has backed the Company since incorporation, will hold 70.4% of Revasum’s common stock on listing and did not sell down any of its holding into the IPO.
Revasum President and Chief Executive Officer Jerry Cutini said, “We are extremely proud to become an ASX listed company and to have attracted the support of so many highly successful Institutional Investors. The capital they have provided the Company will allow Revasum to continue its aggressive R&D efforts, supporting the rollout of new products in 2019 and beyond. The IPO is a key inflection point for the Company’s growth and we look forward to delivering on our Prospectus forecasts.”
Revasum manufactures market-leading wafer processing equipment for the global semiconductor industry at 200mm and below.