Shares in semiconductor wafer specialist IQE plc (LON: IQE) shot higher as it revealed investors had snapped up shares in a placing to raise £95mln.
IQE announced the placing after the market closed last night at 140p, or no premium to the prevailing market price.
The placing shares represent approximately 9.9% of the AIM-listed group’s share capital.
IQE will use the money to expand its manufacturing capability for a new type of semiconductor wafer (VCSEL) used in new ranges of 3D gaming applications.
The company has been one of AIM’s best performers this year with the share price rising more than four-fold.
It rose 17% to 164.2p today.