OTAQ begins first day of trading on LSE’s main market

The company develops technology to ward off predators from salmon farms as well as sub-sea cameras, laser measuring devices and leak detection systems

OTAQ PLC - OTAQ begins first day of trading on LSE’s main market

OTAQ PLC (LON:OTAQ) has begun its first day of dealings on the standard segment of the LSE’s main market after a reverse takeover by Hertsford Capital PLC.

The company, which develops technology to ward off predators from salmon farms, floated around 30.5mln shares at a placing price of 57.5p, giving it a market cap of £17.6mln.

The firm raised an additional £1.5mln through an equity placing in parallel to the reverse takeover.

OTAQ also develops products including sub-sea cameras, laser measuring devices, leak detection systems and high integrity electrical connectors for use in the offshore oil & gas market.

The company currently holds a 42% market share of predator-defence technology in Scotland and is expected to see equivalent market share growth in Chile, the world's second-largest salmon farming country.

In lunchtime trading on Tuesday, shares in OTAQ were at 54p, a 6% discount to its placing price.

Quick facts: OTAQ PLC

Price: 53 GBX

Market: LSE
Market Cap: £16.19 m

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