Revolymer IPO raises £25m

Amy King
17 July 2012

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Revolymer, a British polymer company, has completed an IPO on the AIM market of the London Stock Exchange.

A total of 25,000,000 ordinary shares were placed with institutional investors at a price of 100 pence per share, raising total proceeds of £25m.

The listing gives the company a market capitalisation of around £53m.

The firm is listed under the trading symbol REVO. Panmure Gordon acted as broker.

The proceeds of the listing will support the expansion of the company's confectionary gum products into the US and Europe and fund further regulatory dossiers connected to the commercialisation of its nicotine gum.

Previous funding
In 2006, SULIS Seedcorn Fund, the university challenge fund managed by Quester, participated in a round of early-stage funding for Revolymer Ltd. The investment was made alongside IP Group Plc, the intellectual property company that specialises in commercialising university technology.

A year later, Swarraton Partners and Top Technology Ventures, a subsidiary of IP Group Plc, contributed to a €3.01m round for the firm.

In May 2008, a consortium of investors invested £10m in a third round of funding for the firm. The investors were Sloane Robinson, Lehman Brothers International and Naxos Capital Managers. Existing backers Swarraton Partners and IP Group Plc also invested. Institutional and private investors contributed £9.2m and the remaining £800,000 was provided by Top Technology Ventures.

Company
Founded in 2005 and based in Mostyn, Wales, Revolymer is a spinout from the University of Bristol. The firm designs, develops and formulates polymers for consumer products within the FMCG markets. The company has applied its technologies to confectionary, particularly chewing gum that is more easily removed from surfaces including pavements and textiles. Revolymer is also developing nicotine gum, coatings and adhesives and household products.

The company has launched its Rev7 gum in the US and is soon to launch in Ireland, Germany and the UK.

Revolymer reported a pre-tax deficit of £3.93m on sales of £150,000 for 2011.

People
Roger Pettman is CEO of Revolymer.

Advisers
Company - Panmure Gordon (Corporate finance).