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Seeing Machines increases size of fund raise as investors snap up shares

An open offer will follow that can raise up to a further £2.4mln
picture of driverless car
Hands-free in future

Seeing Machines Limited (LON:SEE) increased the size of its planned fund raise after heavy over-subscription.

The fatigue monitoring and driverless software group pulled in £35mln through a placing at 5p, compared an original £30mln target.

READ: Seeing Machines to raise over £30mln as momentum builds behind driverless cars

Ken Kroeger, chairman, and Mike McAuliffe, chief executive, invested £20,000 and £50,000 respectively, while major shareholder VS International will invest £3.5mln separately to maintain its stake at 11.2%.

An open offer will follow that can raise up to a further £2.4mln.

Broker finncap, which helped in the bookbuild, said the recent contract award from a German car maker underlined that Seeing Machines has developed a credible driver monitoring system that can win a sizeable chunk of the market.

"Equity investors are now beginning to appreciate the scale of the opportunity and the true value of this business."

Now that the funding gap has been cleared a path for Seeing Machines to achieve its remarkable potential is now open, added the broker, which has a target price of 12p.

Shares rose 4% to 5.88p.

-- adds broker comment, share price-- 

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