Biofutures raises £2.9m from IPO
A Peterborough company has raised £2.9m from an IPO on Aim, which it plans to invest in renewable energy pioneers in Europe and Asia.
Biofutures International placed 30,200,000 shares – 81 per cent of the company – at a placing price of 10p, giving it a market cap of £3.86m.
Directors Nicholas Gee and Christopher Price plan to utilise their contacts and experience in order to establish, invest in or acquire assets, businesses or companies in the renewable fuels industry.
Biofutures intends to identify businesses or companies it thinks will produce good return in both the short and medium terms. Acquisitions and investments will be funded with a mixture of cash, equity and possibly debt.
Biofutures said it was reviewing a number of investment opportunities and part of the proceeds of the placing will be used to fund due diligence.