Starcom Systems plc (AIM: STAR) has raised a gross £2.72 million at a value of £14.2 million in its IPO on London’s Alternative Investment Market (AIM). The company offered 13.6 million shares at £0.20 per share.
Starcom, founded in 2004 develops GPS tracking and monitoring solutions for vehicle fleets, goods, containers, and people. The company will use the proceeds from the offering for marketing, working capital, and repayment of a loan.
The Israeli company sells in 50 countries. Its three main products are the Helios, a vehicle location and fleet management system; the Watchlock, a high security padlock and electronic alarm monitoring system jointly owned with Mul-T-Lock Technologies Ltd. (a subsidiary of Sweden's Assa Abloy AB (OMX: ASSA)); and the Triton shipping container tracking system. The company will launch two products this year: Rainbow, a tracking system for children and the elderly; and the Kylos, a merchandise tracking system.
Starcom posted a pretax profit of $798,000 on $5.6 million revenue in 2012.
Published by Globes [online], Israel business news - www.globes-online.com - on March 4, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013