Perth based chemicals and instruments manufacturer XRF Scientific has closed its initial public offer after having raised $4.5 million, down from the $5 million it hoped to raise for research and product development.
Perth based chemicals and instruments manufacturer XRF Scientific has closed its initial public offer after having raised $4.5 million, down from the $5 million it hoped to raise for research and product development.
Perth based chemicals and instruments manufacturer XRF Scientific has closed its initial public offer after having raised $4.5 million, down from the $5 million it hoped to raise for research and product development.
The offer was originally due to close on October 6.
The full text of a company announcement is pasted below
Perth-based manufacturer of chemicals and instruments for the resources and scientific sector XRF Scientific successfully closed its Initial Public Offering raising $4.56 million from institutional and retail investors.
These funds comfortably surpassed the minimum subscription level of $2 million and will be devoted to global expansion.
About 25 percent of the new issue was taken up by institutional investors with nearly 500 retail investors subscribing for the remainder. Listing on the ASX is expected on 31 October.
The profitable chemical and instrument company is expected to pay its maiden dividend in April 2007.
"XRF is well positioned to leverage from resources sector strength in Australia and overseas. It's a yield investment with high growth potential," said Greg Wood, of sponsoring broker Novus Capital.
"Expect more aggressive marketing as well as possible acquisitions," said Chairman Paul Rengel. "ASX listing is a key milestone and we expect Australian investors will hear much more about XRF in the years to come."
Rank | Company | Revenue | |
---|---|---|---|
57th | XRF Scientific | $55.2m | |
58th | FFI Holdings | $47.4m | |
60th | Vonex | $47.2m | |
61st | SSH Group | $41.6m |