Revasum Inc (ASX: RVS) debuts on Australian Securities Exchange on Tuesday after the company raised $30.7 million in its Initial Public Offering.
Following the successful completion of its fully underwritten IPO, Revasum issued 15.4million CHESS Depositary Interests (CDIs) over common shares at A$2.00 per CDI. On the first day on ASX, Revasum shares traded flat, closing at $1.860. However, 877,875 shares exchanged hand in today’s trade.
Moelis Australia and Shaw and Partners have acted as the underwriters to the IPO. As per the company’s information the initial public offer was strongly supported by investors both institutional and retail. But the company’s substantial holder US based Firsthand Venture Investors continues to hold 70.4% of Revasum’s common stock on listing and did not sell its stakes into the IPO.
Revasum further confirmed that the company is advancing its revenue as forecasted for the six month periods to 31 December 2018 and 30 June 2019. It stated that business is in line with forecast system revenue of 63% now under confirmed purchase order for one half of Fiscal 2019, compared to approximately 50% on the date of prospectus, i.e. 9 November 2018.
On business front, Revasum has secured a supplier and strategic partner contract with the major manufacturer of semiconductor. As per the terms of contract, Revasum will supply polishing and grinding equipment to support the new single-wafer Silicon Carbide (SiC) program of semiconductor manufacturer. Silicon Carbide is a compound used in hybrid and electric vehicles, communication devices and power management applications for its unique electrical and thermal properties.
Selection of Revasum as strategic supplier for Silicon Carbide underscores the company’s technical capabilities in SiC wafer manufacturing. This contract serves as a major milestone in company’s ambition to become the leader in equipment supplier for the manufacturing of Silicon Carbide semiconductor applications.