Kromek celebrates first day on AIM

Durham technology company Kromek had reason to celebrate yesterday after floating for the first time on that junior share market AIM

Arnab Basu, chief executive of Kromek which develops materials and products for radiation detection
Arnab Basu, chief executive of Kromek which develops materials and products for radiation detection

Durham technology company Kromek had reason to celebrate yesterday after floating for the first time on that junior share market AIM.

The company, based near Sedgefield, raised £15m in an over-subscribed fundraising, with shares admitted at 51p each. By the end of trading yesterday, the price had reached a high of 59.8p.

Kromek develops materials and products for radiation detection.

Chief executive Arnab Basu said: “We are delighted with our oversubscribed fundraising. After many years developing the business and our technology, Kromek is ready to begin harvesting value by seizing the opportunities to sell our technology and products into the medical imaging, security screening and nuclear detection markets.

“With the proceeds of the initial public offering, we will invest in the company’s IP portfolio and manufacturing capabilities, whilst accelerating our commercial activities in our chosen markets.”

At admission, the company had 107,607,335 ordinary shares in issue.

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