New Energy Finance
Sabien Technology Group, a UK-based energy reduction technology IP owner, is to list on London's AIM market on 20 December, with plans to raise GBP 4.0m (USD 7.8m) to expand its operating capacity throughout the UK and Europe, and widen its product range.
The offering will be split into two tranches, the first, a GBP 3.2m (USD 6.22m) share placement will be priced at GBP 0.52 (USD 1.01) per share, the second will consist of a GBP 0.8m (USD 1.56m) loan note issue. According a pre-IPO statement, the company hopes to realise a market capitalisation of GBP 13.8m (USD 26.8m) at the placing price.
Sabien claims its M2G technology which is used in commercial and industrial boilers, and for which it owns the IP, manufacturing and commercial rights, will result in a 35% energy consumption saving, reduce carbon emissions, and pay for itself within 24 months. The UK-based Carbon Trust-approved technology also qualifies for the UK-government run Enhanced Capital Allowance Scheme.
Alan O'Brien, Sabien's Chief Executive, said, "Being admitted to AIM is a great opportunity for Sabien, and should help us achieve our goals of expanding our presence increasing sales."
"Sabien intends to further expand its customer base as more organisations look to increase fuel efficiency and reduce their impact on the environment." he added
Brewin Dolphin Securities will act as nominated adviser for the deal, with Bell Lawrie as broker.