Tekcapital portfolio subsidiary files for US IPO

Tekcapital announced on Tuesday that Innovative Eyewear, a United States subsidiary of its portfolio company Lucyd, has filed with the US Securities and Exchange Commission (SEC) for a proposed initial public offering.

The AIM-traded firm currently owns 100% of Lucyd, and approximately 80% of Innovative Eyewear.

It said the number of shares to be sold and the price range for the proposed IPO had not yet been determined.

“Innovative Eyewear intends to commence the sale of its securities in the IPO following completion of the SEC review process, subject to market and other conditions,” Tekcapital said in its statement.

“At this stage there can be no certainty of the total IPO proceeds.”

At 1525 GMT, shares in Tekcapital were up 2.81% at 31.1p.