A technology firm which developed a revolutionary miniature antenna for mobile phones and other wireless devices has begun trading its shares on AIM.
Sarantel Group based in Northamptonshire has raised approximately £16.7 million through a placing of 21,951,220 ordinary shares at 82p each.
Trading in its shares commenced yesterday following the floatation brokered by Arbuthnot Securities.
The company has a market capitalisation of around £43 million following its admission.
Chief executive David Wither said: "We are very pleased to have had such an overwhelmingly positive response to our fund raising and are delighted to be joining AIM.
"The money raised and the profile the listing gives us will help us with our ambition to position Sarantel as a major supplier of antenna technology to the wireless devices market worldwide." The Birmingham office of law firm Pinsent Masons, advised the company on its admission to AIM.
Pinsent Masons has advised the Sarantel Group for over five years, acting originally for management in 2000 when they bought out the UK dielectric antenna division of Symmetricom Inc.
The firm later advised Sarantel Limited as it raised funds for development through investment led by two of the UK's leading hi-tech venture capital investors, MTI Partners and VCF Partners, and supported by eTechnology VCT.
The company's innovations include miniature antenna technology applications used in global positioning devices.
The firm has ambitions to extend the use of technology in this field into mainstream mobile devices.
Pinsent Masons lead corporate partner on the float, Linda Crow, said: "It is heartening to see a revival in the quoted technology sector and to see the growth of a company whose quality product development has enabled them to carve out a niche place in a highly competitive market."
The Pinsent Masons team advising Sarantel, comprised Ms Crow, Rob Sloan and Nicole Kirkham (corporate), with specialist advice from Cerys Wyn Davies (IT/IP) and William Franklyn.