Quadrivio reaps £12.8m in Directa Plus IPO

Based on the 75 cents initial share price, the offering saw a market capitalisation of £33.2m. The company floated 17 million of new ordinary shares on AIM.

At the time of publication, the company's share price had seen a 17% increase to 87.95 cents apiece. Following the offering, Quadivio reduced its stake in the business from 24% to 13%.

According to a statement, the funding raised will enable the company to bolster its expansion internationally through a new manufacturing plant in Asia. Press reports say the fresh capital will also allow the business to pay off some of its loans and boost its profile.

The Italian graphene-based materials producer decided to float on the London stock exchange because of the greater liquidity and the abundance of competitors compared with the Italian market, according to a source familiar with the situation.

Cantor Fitzgerald Europe acted as adviser and broker to support the transaction.

Previous funding
In June 2009, Quadrivio led a €3m series-A round through its TT Venture fund, alongside venture capital house Como Venture and Italian holding company Finanziaria Le Perray.

The company raised a €5.5m series-B from existing shareholders and private investors in April 2015. Quadrivio provided a €500,000 equity ticket to the round.

Company
Established in 2005 and headquartered in Como, Italy, Directa Plus produces graphene-based nanoparticles used for manufacturing carbon materials. Its products find applications in the consumer and industrial markets, including the textile, environmental and sports sectors.

The company has a headcount of 20.

People
Quadrivio – Elizabeth Robinson (investment director).
Directa Plus – Giulio Cesareo (CEO).

Advisers
Equity – DLA Piper (legal).

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