IN BRIEF: Tekcapital subsidiary Lucyd's portfolio firm prices IPO

Tekcapital PLC - London-based intellectual property investor - Portfolio company Lucyd Ltd sees ...

Alliance News 15 August, 2022 | 8:34AM
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Tekcapital PLC - London-based intellectual property investor - Portfolio company Lucyd Ltd sees subsidiary Innovative Eyewear Inc price its USD7.4 million initial public offering on Nasdaq.

Offering 980,000 units, which sees 980,000 shares and 2.0 million warrants offered at combined price of USD7.50. Warrants can be exercised at USD7.50 over next 5 years.

Tekcapital owns 100% of share capital of Lucyd and will own 5.2 million shares, about 70% post-IPO, of its US operating subsidiary Innovative Eyewear. Expects Innovative Eyewear to have market cap of about USD55 million.

Innovative Eyewear develops eyeglasses and sunglasses designed to allow the users to remain connected to their digital lives.

Current stock price: 34.25 pence, up 4.6% on Monday

12-month change: up 47%

By Paul McGowan; paulmcgowan@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Tekcapital PLC 9.68 GBX -0.77 -

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