AltX debutant Poynting Antennas experienced a muted listing this morning, with no trade in its shares taking place.
The antenna designer and manufacturer listed 90 million shares, 20 million of which were placed in a private placement at 100c each ahead of the listing. According to the prospectus, the company's directors hold about 72% of the issued shares.
According to Poynting, the purpose of the listing was to fund future growth in working capital required for the company to meet the requirements of the market in which it operates.
It also says the listing will allow for more investment in research and development infrastructure and increased production capacity.
Poynting has been around since 1990, and operates in the telecommunications and defence industries. It designs and manufactures wireless and cellular end-user antenna applications and custom-made antennas.
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