US-based water treatment technology developer HaloSource raised £31.5 million gross at 135p a share when it floated on AIM in the middle of October. Existing shareholders took the chance to sell £18.9 million worth of shares.
Seattle-based HaloSource will use the cash from the placing to finance expansion plans, particularly in China and India.
The firm develops low cost, anti-microbial technology for cleaning and disinfecting water. HaloSource offers four main products, the main one being HaloPure, which kills bacteria and viruses in drinking water. It appears that much of the cash raised in the flotation will go on building manufacturing plants for this part of the business. HaloPure can be used in a cartridge that fits the bottom of water jugs and pitchers. The cartridge has tiny polystyrene beads infused with bromine, which kills harmful bugs such as e.coli and cholera.
HaloShield uses chlorine to kill odour-causing bacteria on cloths and towels, SeaKlear helps to keep pools clean and StormKlear controls sediment from storm water and waste water.
Unilever Technology Ventures and Mars Incorporated are among the early backers of HaloSource, which was valued at £100 million at the placing price.
HaloSource generated revenues of $11.8 million in 2009 and the company expects these to increase by between 40% and 50% in 2010.
Market: AIM
Symbol: HAL
Price: 152.5p
12 month high/low: 152.5p/152.5p
Market cap: £76.7m
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