IQE raises £31.1m through placing, retail offer

19th May 2023 14:20

(Sharecast News) - Semiconductor wafer specialist IQE confirmed the issue of new shares on Friday, as part of its placing and retail offer.

The AIM-traded firm said that in connection with the REX retail offer, it would issue 5,492,730 new ordinary shares to existing retail investors at a price of 20p each.

Additionally, as it previously announced, 150,000,000 new shares would be issued as part of the placing.

That would bring the total number of new shares to be issued to 155,492,730, which was expected to raise about £31.1m in total gross proceeds for the company.

IQE said the shares were scheduled to be admitted for trading in London at 0800 BST on 22 May, subject to the necessary approvals.

"Following admission of the placing shares and the REX retail offer shares, the number of ordinary shares that the company has in issue will be 961,015,308," the IQE board confirmed in its statement.

"The company holds 4,115 ordinary shares in treasury.

"Therefore, the total number of ordinary shares with voting rights in the company will be 961,011,193, and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the company under the Financial Conduct Authority's disclosure guidance and transparency rules."

At 1534 BST, shares in IQE were up 12.29% at 23.3p.

Reporting by Josh White for Sharecast.com.