SETsquared-supported company Revolymer raises £25 million in AIM float
Successful market launch for polymer innovators
SETsquared has announced that Revolymer, a company it supported over several years, has successfully listed on AIM, the London Stock Exchange’s international market for smaller growing companies, in a flotation that raised £25 million.
Revolymer has developed innovative polymers to improve consumer products, including chewing gum that is easier to remove from streets and pavements. Its principal trading subsidiary was founded by Dr Roger Pettman and Professor Terence Cosgrove, and was initially based on technology developed by Professor Cosgrove at the University of Bristol.
The company presented at SETsquared’s Investment Showcase in 2005, which helped it to secure an initial funding of £750,000 in 2006 from investors including IPGroup and from the SETsquared Partnership. Revolymer also presented at SETsquared’s Investment Showcase in 2007, and the Partnership helped it to secure travel grants to develop its business in the USA. Further rounds of funding secured £2 million, £10 million and then £5.8 million.
“Revolymer is a great example of a UK company that’s used innovative technology to create a product with real market potential,” said Graham Harrison, Partnership Director at SETsquared. “Nearly 90 per cent of companies supported by SETsquared are still in business three years later – way above the UK average – and Revolymer shows just how well some of them are doing.”
Revolymer placed 25,000,000 new shares with institutional investors at a price of 100 pence to raise gross proceeds of £25 million. Its enlarged issued share capital commenced trading on the AIM market of the London Stock Exchange on 10th July 2012. Based on the placing price, the market capitalisation of Revolymer was approximately £53 million.