A medical device maker has announced its intention to float on London's junior market next month, with an aim to raise between £7.5m and £10m.
Belluscura, which was established two years ago as a wholly owned subsidiary of intellectual property investment group Tekcapital, provides premium medical devices at value prices.
"Belluscura’s strategy will seek to capitalise on the key trends driving the growth of the medical devices industry. We are focused on targeting the segment of the market that is demanding affordable, premium-quality medical devices," said chief executive Robert Rauker.
"We are greatly encouraged by the support of our existing shareholders and very excited at the prospect of the proposed admission to trading on Aim as we believe it is the next logical step in the delivery of our growth plans," he said.
The company has acquired licenses to manufacture and sell four medical device product lines from New York-listed medical company Stryker, and earlier this week it entered into a conditional agreement to acquire the licenses to manufacture and sell Stic, a hand-held pressure monitor that generated average annual sales between 2011 and 2016 of around $4m (£3m), from Stryker.
Tekcapital, which currently owns a 47.5 per cent stake in Belluscura and is also listed on Aim, said its stake would be diluted by the IPO, but that "the value of the stake may increase as a result".