AIR FILTRATION company MayAir will start trading on the junior stock market Thursday after raising £16m from investors in an initial public offering.
The Malaysia-based group, which is the second largest air filtration firm in China, picked Miraubaud Securities to place 12.4m shares at £1.30 each, valuing the company at £55.2m. Shares will trade on the alternative investment market.
“We believe our listing will enhance our profile within the air purification industry, and will assist us in achieving our strategic objectives,” chief executive Yap Wee Keong said. The firm makes fan filter units for industrial cleanrooms, which are sites where air quality is highly regulated to stop contamination. MayAir will use the cash for research and development purposes to fund business growth and to build a new factory.
The group had a pre-tax profit of $5.6m last year.