Malaga based Automotive Technology Group has raised its minimum subscription of $6m, in an IPO to fund the expansion and global penetration of its emissions efficient supercharger technology.
The company, which designs and manufactures the Sprintex range of superchargers and Vee Two components for twin-engine Ducati, Honda and Harley-Davidson motorcycles, is looking to both the specialist after sales market and Original Equipment Manufacturers (OEM) to provide future sales growth.
Executive Director (Corporate) Steve Apedaile said ATG's expanding global distribution network now covers most parts of Europe, US and Australasia.
"Successfully raising these funds is enormously pleasing, especially considering the shakeout in international markets over the past few months," Mr Apedaile said. "Support from sponsoring broker Taylor Collison as well as advisers Wolfstar and investment support from SAS Global Private Clients has made a significant contribution to this important capital raising for ATG.
"Aftermarket customers in Europe and the US know the reputation for quality and performance of Sprintex and Vee Two. This reputation provides ATG with a solid foundation to move into the OEM marketplace. Our aim is to be one of the world's leading suppliers of superchargers to international automobile and motorcycle manufacturers."
ATG's patented Sprintex Supercharger delivers cool compressed air into any combustion engine to increase compression, resulting in greater fuel efficiency, more power and lower exhaust emissions.
Executive director of operations Tony Hamilton said superchargers allow vehicle manufacturers to meet increasingly tough emissions standards while maintaining the power of larger engines.
"Despite the trend to smaller engines by vehicle manufacturers, consumers still expect the sort of power available from larger engines," Mr Hamilton said. "The Sprintex Supercharger outperforms its competitors to deliver reduced emissions while maintaining power."
ATG designs and manufactures small run, high margin Sprintex and Vee Two products at its specialist research and development facility in Perth, Western Australia. Future high volume OEM contracts are likely to be manufactured offshore.
ATG has advised the ASX and is waiting for conditional quotation approval.
