Tirupati progresses LSE listing plans

1st December 2020

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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Graphite and graphene producer Tirupati Graphite’s prospectus has been approved by the Financial Conduct Authority (FCA) and published on December 1.

The prospectus relates to the admission of the company's ordinary shares to the standard listing segment of the official list of the FCA and to trading on the main market for listed securities of the London Stock Exchange, expected December 11.

The company also announced the launch on December 1 of an intermediaries offer of the company’s ordinary shares as part of its initial public offering (IPO), providing retail investors with the opportunity to participate in the IPO on equal terms as institutional and professional investors.

PrimaryBid is acting as the intermediaries offer adviser.

Tirupati has conditionally raised gross proceeds of £6-million through a placing, subscription and intermediaries offer at an offer of 45p apiece. 

The intermediaries offer is being launched to retail investors to raise gross proceeds of up to £2-million – the subscription will be scaled back to reflect the level of demand for the intermediaries offer so that the aggregate gross proceeds of £6-million remains the same.

Based on the offer price, the market capitalisation of the company will be about £33.64-million at the beginning of conditional dealings on the main market of the LSE.

Tirupati intends to use the net proceeds from the IPO to build second-stage production facilities across its established portfolio, as well as to support future growth and for working capital and other general corporate purposes.

The company posits that it is well positioned to achieve its primary focus of being a comprehensive contributor in the flake graphite value chain and provides a compelling investment opportunity.

“Today marks another momentous step towards achieving our mission of being a global graphite and graphene leader, and listing on the LSE. We are delighted with the support our fundraise has received so far, which is testament to the strength of our business and its unique position as a provider of sustainable products that support green applications. 

“Having secured £6-million with key institutional and professional investors, we are delighted to open the fundraising to retail investors via PrimaryBid. This marks yet another milestone achievement in facilitating access to an IPO for individual UK investors, adding to the many firsts we are offering as a company,” says CEO Shishir Poddar.

“With ever growing demand for graphite in light of rapid developments in the electric vehicle sector, advanced materials, flame retardants and thermal management markets, this is an opportune time to be welcoming new investors to our company and broadening our market reach. 

“With a strong growth strategy and significant value-uplift potential, our team is excited to further advance our operations for the benefit of all stakeholders in a sustainable manner that is reflective of our corporate values, further details of which are outlined below. We look forward to the exciting opportunities ahead,” he adds.

Tirupati’s operations include primary mining and processing in Madagascar and high-tech graphite processing in India to produce specialty graphite.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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