Tirupati Graphite’s ordinary shares have commenced trading on the Main Market for listed securities of the London Stock Exchange under the ticker TGR.
As part of the Admission process, the Company has raised £6 million before expenses through a Placing, Subscription and Intermediaries Offer of 13,333,334 new ordinary shares at an issue price of 45p each, implying a market capitalisation of circa £33.64 million on Admission.
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The Company is also pleased to confirm that it has received the LSE’s Green Economy Mark, which recognises companies that derive 50% or more of their total annual revenues from products and services that contribute to the global green economy.
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Optiva Securities Limited is Broker to the Company, and PrimaryBid Limited was Advisor to the Intermediaries Offer.
Shishir Poddar, CEO of Tirupati Graphite, says:
“We are delighted to commence trading as the LSE’s first pure play graphite producer. With this milestone reached we have a very exciting opportunity to continue to expand our primary mining and processing operations in Madagascar and downstream value-add operations in India and become a global leader in the graphite market, as well as offering additional upside through our graphene development.
“The successful £6 million fundraising, which saw key institutions and retail investors join our share register, highlights the qualities of our business being revenue generative with high quality resource assets, proven low-cost operations, robust economics, supportive jurisdictions, access to end markets, and a team with a track record of delivery in the graphite space.
“Additionally, our green credentials should not be ignored: we use cleaner processing technologies than any other business in the space and our products support numerous green applications focused on delivering sustainability targets worldwide. It is in recognition of this that we have been awarded the prestigious LSE Green Economy Mark, which we are incredibly proud of.
“In terms of market dynamics, graphite itself is a special material with unique properties with over 150 applications, including its key role in EV batteries, which is why flake graphite has been classified as a critical raw material by both the US and the EU.
“Graphene is equally extraordinary; its amazing strength, conductivity and flexibility amongst other properties, is set to revolutionise the world of advanced materials with vast amounts of technological developments happening across a range of sectors and applications including fast-charging and foldable phones, consumer wearables, supercapacitors, energy storage, aerospace, automotive, defence, medical, high-end sensors, desalination and filtration; the list is virtually unlimited.
“We believe a number of these are on the cusp of mass commercialisation over the next few years and we plan to be at the forefront of some of these potentially world changing, technological advancements.
“The graphite market has already risen 8-10% in the last quarter and we believe this upward trajectory will continue as demand continues to rise. Given the high volume of activity and steady stream of news ahead for the Company, I am confident that we will deliver value to shareholders and look forward to having a regular dialogue with the London market.”