Singapore based De.mem Limited has closed its IPO early and oversubscribed, successfully raising the maximum amount of $4.5 million.
It has applied to the ASX to have its shares quoted for trading (under the code DEM), which subject to ASX approval is expected to occur in the coming weeks. On listing the company would have an implied market capitalisation of approximately $19 million, based on the $0.20 per share offer price.
Alto Capital is the lead manager to the IPO and Ventnor Capital is the Corporate Advisor.
Commenting on the closing of the IPO, De.mem CEO Andreas Kroell said,
“The response to this offer has been exceptional and further reinforces the public interest in sustainable water treatment solutions.”
De.mem produces innovative membrane based waste water filtration technology providing high-end systems and solutions for de-centralised water treatment in the Asia-Pacific region. According to its Prospectus it is currently generating revenues and has a strong pipeline of near term contract opportunities.
It is Backed by a range of proprietary technologies developed at Nanyang Technological University (NTU) in Singapore, one of the leading institutions in the water sector worldwide.