Nanollose debuts after $5m IPO

Fibre tech company Nanollose has excited investors on its first day of trading on the ASX, following completion of a $5 million initial public offering.

Nedlands-based Nanollose develops microbial cellulose fabric through fermentation and other chemical processes.

The company, which was founded by scientist Gary Cass, is targeting the global textile industry for its plant-free cellulose fibre as a sustainable alternative to currently used plant-based fibres.

Nanollose raised $5 million from investors in its IPO, through the issue of 25 million shares at 20 cents each, entering the bourse with a market capitalisation of nearly $15 million.

Ahead of the close of trade today, its shares were worth 24 cents each.

“Today, we use plants and trees to make fibres for textiles,” managing director Alfie Germano said.

“With the funds raised under the IPO we hope to significantly advance and commercialise our plant-free cellulose fibre technology to a point where it can be used to make clothing and textiles with a dramatically reduced environmental footprint to conventional materials.”

Mac Equity Partners acted as lead broker to the IPO, with View Street Partners acting as corporate adviser.