Windar Photonics, a Denmark-based developer of lidar systems for wind turbines backed by state-backed Seed Capital, has floated on London’s Alternative Investment Market (Aim), raising £38.2m ($57m).
The company closed its first day up 19% at £1.19 per share.
Windar Photonics is a spinoff from Denmark’s Risø DTU research environment and uses lidar to measure windspeed and direction allowing for wind turbines to be more efficient and generate more power.
Seed Capital, a company backed by a Denmark state investment fund, first invested in the company in 2011. Up until it was listed the company had raised approximately $9m. It is now valued at approximately $54m.
Ulla Brockenhuus-Schack, managing partner at Seed Capital, said: “The process of the listing has been faster than we expected and that is a learning we will take with us. Raising capital this way is definitely something that we will consider going forward. I would like for Denmark to have an equally well functioning small cap stock exchange. This would greatly benefit small Danish businesses.”
