Specialist graphite and graphene producer Tirupati Graphite has raised £890 000 as part of an offer to retail investors to participate in the company's initial public offering on equal terms to institutional and professional investors.
The company’s broker Optiva Securities has also raised an additional £860 000 through the placing of 1.91-million shares. This takes the total placing amount to 3.89-million shares, raising gross proceeds of about £1.75-million.
"We are very pleased that PrimaryBid has enabled us to include retail investors across the UK in our fundraising. Through PrimaryBid’s innovative offering, we were able to seamlessly provide retail investors with the same terms as institutional investors.
"Along with the additional sums raised through Optiva, we have strong institutional and retail support and we now look forward to listing on the LSE on December 14. Thereafter, we will hit the ground running, building second-stage production across our established portfolio and strengthening our position as a comprehensive contributor in the flake graphite value chain,” comments Tirupati CEO Shishir Poddar.
Tirupati has operations in Madagascar and India.