Tekcapital shares hit 2022 high on IPO news

Tekcapital shares traded at the highest intra-day level since late 2021 on Monday as investors reacted to the latest update on their portfolio of university technology companies.

The Tekcapital share price hit 37p on Monday, a level not achieved since December 2021.

The catalyst for the move was the announcement of the IPO of their Innovative Eyewear subsidiary on the NASDAQ.

The Initial Public Offering is set to raise $7.35m, if the offer is fully subscribed.

Innovative Eyewear is a subsidiary of Lucyd, a 100%-owned Tekcapital’s portfolio company. The latest update on a Tekcapital portfolio company has provided an additional increase in their portfolio’s NAV and investors will eagerly await further updates from Tekcapital on the progress of other potential listings.

The Tekcapital board have recently suggested MicroSalt could soon list in London, following in the footsteps of £100m market cap Belluscura.

Tekcapital recently released half year results and unveiled a 16% increase in their portfolio value to $74.3m. Today’s pricing of Innovative Eyewear at $7.50m means the Tekcapital portfolio value will growth further.

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