Legal experts help firm to AIM listing

Law firm Addleshaw Goddard has advised clean water technology company MyCelx on its initial public offering on the London Stock Exchange’s AIM market, raising around £12.1m.

The US firm, which provides water treatment services to the oil and gas, power, marine and heavy manufacturing sectors, issued 5.75m new common shares via an institutional placing carried out by Numis Securities, which is equivalent to a 44.5 per cent stake in the business.

The shares have been placed at 210p, attracting a broad base of institutional investors, giving MyCelx a market capitalisation of £27.1m at the placing price.

The Addleshaw Goddard team was led by Leeds-based corporate finance partner Clare Thomas. Ms Thomas said: “We are delighted to have worked with MyCelx on this major milestone in the company’s development, and to have successfully completed the IPO in such challenging market conditions.”

Connie Mixon, chief executive of MyCelx, said: “This placing and admission to AIM allow us to capitalise on the early commercial success we have experienced.”