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22 September 2006


BluGlass lists at a 42.5% premium to offer price

GaN-on-glass specialist BluGlass Ltd, which was spun off from the III-nitride department of Macquarie University in Sydney, Australia in October 2005, has listed on the Australian Stock Exchange (ASX) and begun trading at 28.5 cents per share (a 42.5% premium to the offer price).
The listing follows an initial public offering of 30m ordinary shares at $0.20 cents each that raised AUS$6m (US$4.6m). Subsequent oversubscriptions increase the total to AUS$10m (US$7.7m).

The listing gives the company a market capitalization of about AUS$45m (US$34.6m). When BluGlass issued the original prospectus for the IPO, it had existing cash reserves of about AUS$5.9m (US$4.5m).

The listing of BluGlass is an endorsement of the company's breakthrough technology, which has the potential to reduce the cost of manufacturing gallium nitride, claims CEO David Jordan. "The successful completion of this IPO means we are now well positioned to rapidly progress the develo- pment and commercialization of the company's technology, as well as the scale up of our manufacturing capability," he added.

Most of the funds raised will be used to build a pilot manufacturing plant in Sydney to fabricate gallium nitride material and devices in order to demonstrate the technology and facilitate licensing.

See also:

Australian GaN-on-glass spin-off plans IPO to raise $4.6m

BluGlass extends IPO to accommodate international demand for oversubscriptions

BluGlass closes IPO fully oversubscribed; lodges supplementary prospectus

Visit: http://www.bluglass.com.au