Digital colour imaging firm Kromek is planning to raise £15m ($23.7m) in an initial public offering (IPO) on London’s Alternative Investment Market (AIM).
Beginning life as a spin-out of Durham University in 2003 called Durham Scientific Crystals, the firm has grown to be valued at around £75m.
Kromek, which specialises in digital colour imaging for x-rays, plans to use money raised by the IPO to fund further growth.
The company is yet to make a profit, but has succeeded in raising more than £25m. Private equity firm Amphion Innovations holds a 14% stake in the firm with Polymer Holdings retaining 12.8%. Durham University holds 6.7%.
Arnab Basu, chief executive of Kromek, said: “The business is established in its markets and its hybrid business model is proven. Kromek is a well-established British technology business with a US presence and the opportunity to grow rapidly. To that end, admitting to AIM is an attractive option providing the company with both access to capital and tradable equity should acquisition opportunities arise in the future. I now look forward to working with my colleagues and our shareholders to realise the company’s commercial potential.”
