News

25 August 2006

 

BluGlass extends IPO to accommodate international demand for oversubscriptions

The initial public offering of shares in GaN-on-glass specialist BluGlass Ltd of Sydney, Australia (scheduled to close today) has attracted subscriptions exceeding the minimum AUS$6m (US$4.6m) targeted in its prospectus. The closing of the IPO has therefore been extended by a week to 1 September to accommodate further demand from overseas investors and to ensure that the full amount of oversubscriptions can be accepted; up to 15m shares at AUS$0.20 each to raise up to a further AUS$3m (US$2.3m).

“The extension of the offer means the date for allocation of shares and dispatch of holding statements has been rescheduled for 8 September, and the expected date of listing BluGlass on the ASX [Australian Stock Exchange] has been revised to 15 September,” said chief executive officer David Jordan.

Jordan said the company has been very pleased with the keen interest in the IPO, in particular from overseas investors who are familiar with BluGlass’ technology and its potential to significantly reduce the cost of manufacturing the gallium nitride. In a phone briefing with Semiconductor Today this morning, Jordan said that subscriptions were “rapidly approaching the total figure of AUS$9m”.

In its prospectus, BluGlass said that funds raised through the IPO will be applied to further develop its technology and to fully demonstrate its potential, including the scale-up of its manufacturing capability, and that possible revenue sources include making and selling the remote-plasma CVD GaN deposition equipment; licencing the process; selling GaN epiwafers; and selling unpackaged GaN devices such as LEDs and lasers. Jordan added today that BluGlass is currently talking to potential partners, with licensing and a joint venture with an equipment manufacturer ‘top of the list’.

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Visit: http://www.bluglass.com.au