A digital-camera company that began as an incubation business at Queen's University, Belfast, floated on the London stock exchange today.
Andor Technology, a developer of high-end digital cameras for light measurement, raised about £4.5 million sterling through a placing of 5,015,643 shares at 90 pence per share on the Alternative Investment Market (AIM) for small cap companies.
The former start-up employs 145 people and has customers in at least 29 countries. The company estimates that the digital camera market is worth $38.6 billion worldwide.
On admission, the company has a total market capitalisation of approximately £23 million. In addition, the company's existing institutional backers have placed 4,145,865 shares, raising about £3.7 million.
The shares have been placed with institutional investors, including venture capital trusts by Bridgewell which will act as nominated adviser and broker to the company.
The money raised from the IPO will be used for R&D and to streamline production.
In 2001, private equity firm LDC provided significant development capital to help increase production capacity and assist the firm's entry into new markets.
Andor's non-executive chairman, Dr Bryan Keating, said the company's admission to AIM is "a significant step forward" and "a clear reminder of the real innovations taking place in Northern Ireland's universities and private sector".