Leeds spin-out performs below expectations on recent IPO on AIM.
Xeros, a spin-out of UK-based Leeds University for cleaning clothes, has raised £27.6m ($40m) before expenses in its flotation on the local Alternative Investment Market stock exchange.
The company placed 22,422,579 new ordinary shares at £1.23 each at an £80m market capitalisation. This was below expectations of a £30m-£40m initial public offering (IPO) for an expected £100m market cap.
Xeros has developed a polymer bead cleaning system to reduce water use in washing machines. The beads attract dirt away from…
