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Highlights
- Tekcapital plc has announced that a US subsidiary of its portfolio company Lucyd Ltd, called Innovative Eyewear Inc., is planning to go public.
- Tekcapital owns 100% of Lucyd’s and around 80% of Innovative Eyewear’s share capital at present.
Tekcapital plc, a United Kingdom-based investment company, has announced that Innovative Eyewear Inc, a US subsidiary of its portfolio company Lucyd Ltd, is planning to make a debut on the US stock market soon.
IPO plans
On 14 December 2021, Tekcapital reported that a registration statement had been filed by Innovative Eyewear on Form S-1 with the US Securities and Exchange Commission (SEC) to make shares of its common stock public in the US. At present, 100% of Lucyd’s share capital and around 80% of Innovative Eyewear’s share capital is owned by Tekcapital.
The price range or the number of shares of common stock that would be available in the market have not been decided yet; hence the total IPO proceeds can also not be determined at the current stage. However, Innovative Eyewear is planning to initiate the sale of its securities as and when the SEC review process comes to an end successfully while taking the market conditions into account.
The company is planning to go for a listing on the NASDAQ exchange under the ticker ‘LUCY’.
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Innovative Eyeware
Innovative Eyewear was established in 2020 and is into smart eyewear development that are high in fashion and also possesses several useful smart features. The company has an experienced team with a background in technology and product commercialisation. Innovative is all set to revolutionise the smart eyewear market with its complete line of Bluetooth eyewear which have been created for every choice and inclination.
Tekcapital
Tekcapital Plc (AIM: TEK, OTCQB: TEKCF) is a London-based investment company focusing on the conversion of university-developed discoveries into valuable products leading to the enhancement of people’s lives. The intellectual property investor supports universities across the globe in commercialising their innovations by providing them with tech transfer services.
The company’s stocks have shown significant growth in the past few months. It has given a return of 119.64% to its shareholders in the last one year as of 15 December 2021. The market cap of Tekcapital stood at £43.17 million as of 15 December 2021.
Recently, funding worth £3.0 million before expenses was raised by Tekcapital at a price of £0.28 mainly for the growth and development of portfolio companies, including Lucyd.
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Bottomline
Innovative Eyewear had gone for two rounds of crowdfunding to raise capital, the first over-subscribed crowdfunding led to fundraising of around US$1million. Later it launched its second crowdfund with StartEngine LLC at a US$20million pre-money valuation.
As per the IPO registration filing, the company’s revenue improved in the first three quarters, but at the same time, its loss more than tripled, raising concern over the future growth prospects. As of now, there is no information available about the price range and the number of shares to float. Only time would tell how the company progresses with its float under prevailing market conditions.