Quantum Base floats on AIM

(Sharecast News) - Anti-counterfeiting business Quantum Base floated on London's AIM market on Friday following the Lancaster-based outfit's �4.8m fundraising.

Quantum Base's fundraising consisted of a placing with institutional investors and an oversubscribed retail offer, both of which were priced at 23.1p per share, giving the group an initial market cap of �14.8m.

Proceeds from the placing will be used to fund its commercial development and sales initiatives, including making both commercial, and science and software hires.

In its first stage of commercialisation, Quantum stated it has signed two framework agreements with "leading security printers", with an initial focus on tax stamps as it believes that the industry represents "a strong first application" for its Q-ID product.

However, Quantum noted that it also intends to access further customers using channel partnerships across "a wide range of verticals".

Chief executive Tom Taylor said: "I am thrilled to commence trading on AIM today, marking a key step in our decade long journey from a Lancaster University spin-out to a British scientific success story. Floating on AIM gives us direct access to a large, sophisticated pool of investors, and provides further independence and credibility for our business.

"The success of the fundraise is a strong endorsement of our mission to cement ourselves as the new global standard in authentication which, in the face of a growing counterfeiting problem, is more important than ever. The funds raised will enable us to further accelerate commercialisation and expand into new product lines."

Reporting by Iain Gilbert at Sharecast.com