Belluscura PLC (LON:BELL) on Friday made its debut on the AIM – a process it believes will help accelerate the commercial development of its lightweight and portable oxygen enrichment technology.
The company raised a net £16.1mln on a market capitalisation of just under £51mln.
A total of £3mln will be used to launch the company’s FDA-cleared X-PLO₂R portable oxygen concentrator, while £8mln has been set aside “to progress Belluscura's oxygen enrichment product portfolio”.
"We believe our patented X-PLO₂R range of small and discreet portable oxygen concentrators, delivering more oxygen by weight than any other device in their class, will be well-received in the large, expanding supplemental oxygen market," said chief executive, Robert Rauker.
At 45p a share, the oversubscribed fundraising was strongly supported by new and existing shareholders, Belluscura said.