Chip-builder Revasum debuts on the ASX
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Special Report: Revasum officially launched this week on the ASX following a successful pre-IPO capital raising.
The company makes machines that build computer chips used in sensors, LEDs and other components for electric vehicles, 5G telecommunications and IoT devices and targets its solutions at the world’s leading consumer electronics, telecommunications and car manufacturing businesses.
The successful listing raised A$30.7 million for the company (ASX:RVS), which sold CDIs at $2.00 each.
Institutional investors including Perennial Value Management, Washington H. Soul Pattinson and Acorn Capital have all invested in Revasum at the IPO.
Revasum was trading at $1.90 as of Thursday morning.
Jerry Cutini, president of Revasum said, “We are extremely proud to become an ASX listed company and to have attracted the support of so many highly successful institutional investors.”
“The ASX has positioned itself as the right place for mid-cap technology businesses like Revasum.”
Revasum says it plans to use the influx of capital to continue its aggressive R&D efforts that support the rollout of new products.
“It’s been quite a journey for us to get here, which involved listening to our customers, changing the way we operate and opening ourselves up to new investors.”
“The IPO is a key inflection point for the Company’s growth and we look forward to delivering on our prospectus forecasts,” Mr Cutini said.
Alongside the IPO announcement, Revasum disclosed it has been selected as a supplier and strategic partner to a major semiconductor manufacturer for its new single-wafer Silicon Carbide (SiC) program.
Silicon Carbide is a compound substrate material with unique electrical and thermal properties for use in applications such as hybrid and electric vehicles, power management and communications devices.
The company believes it’s a powerful endorsement of its technical expertise.
Revasum operates in the same space as Pivotal Systems (ASX: PVS), and are both backed by the same Silicon Valley investment fund, Firsthand Technology Value Fund (NASDAQ: SVVC), which participated in the $US8 million pre-IPO funding round along with company chief executive Jerry Cutini and a number of high-profile semiconductor industry veterans.