ETH Zurich-founded HeiQ chose the London Stock Exchange for its listing having posted a $10.9m operating profit for the first half of the year.

HeiQ, a Switzerland-based textile materials spinout of ETH Zurich, floated on the London Stock Exchange yesterday in a £60m ($80.1m) initial public offering.

It is the first time an ETH Zurich spinout has gone public on a stock exchange outside Switzerland.

Founded in 2005, HeiQ markets performance textile materials for clothing products such as protective medical scrubs and aerodynamic sportswear.

Materials include a graphene-based membrane capable of controlling moisture and filtering air and water in applications such as wearable electronics and military systems.

The company recently launched an antiviral textile for facemasks called Viroblock to repel enveloped viruses such as covid-19.

HeiQ reported a $10.9m operating profit for the first half of 2020. It does not appear to have raised equity funding.

Following the listing, it hopes to increase product sales and develop new textile-based applications.

HeiQ was co-founded by chief executive Carlo Centonze, an ETH Zurich graduate focused on forestry engineering.

He said: “The fundraise will enable HeiQ to capture more market share through increased sales of our core products to major brands. These have grown 17% in the first half of the year.

“The antimicrobial market, which has become a mainstream request, also presents a compelling growth opportunity going forward.”

Feature image courtesy of HeiQ