Aerospace firm expects to raise £14.4m in AIM float
Aerospace products manufacturer Velocity Composites expects to raise almost £15m when it floats on the AIM next week.
Headquartered in Burnley, Lancashire, it has been revealed the company will have a market capitalisation of £30.4m.
The firm posted revenues of £14.6m and adjusted pre-tax profits of £0.3m last year.
Also with a base in Fareham, Hampshire, it was founded in October 2007 by three engineers to manufacture kits of raw materials to be used in composite aircraft parts, and currently employs 97 staff.
Velocity Composites outlined plans to admit its entire issued and to-be-issued share capital to trading on AIM on May 18. The placing comprises 12.3 million new and 4.7 million existing shares at 85p each.
Jon Bridges, Chief Executive Officer of Velocity, said: "Velocity was founded in 2007 based on the simple premise of deploying our industry knowledge and expertise to make the supply chain more efficient and less expensive for our customers within the aerospace composites industry.
“Velocity has grown significantly since our inception and we are delighted to be pursuing a potential IPO to enable our UK based business to become a manufacturing leader.
"We believe that Velocity's IPO will enhance our public profile and provide the Company with the platform to expand into new territories and invest into new product development to ensure we are able to take advantage of the strong market dynamics and our established position.
“We are confident that we have the right team, expertise and strategy to grow the Company and deliver value to customers and shareholders."