Iofina (AIM: IOF), the gas and iodine exploration and production company, landed on the market today after successfully raising just over £15.1 million at 55 pence per share. Shares in the company started trading at 70 pence, reflecting a continued demand for natural resources exploration and development companies from London's large institutional audience, despite the overriding dearth of IPO's this year.
Iofina has discovered both natural gas and iodine on its acreage in Montana, USA, and will use the funds raised to develop its assets towards production. Iofina has a proprietary technology, named Wellhead Extraction Technology which it claims can bring high operation efficiency and low cost production metrics to its gas/iodine fields compared to other large operators in Japan and the United States.