IP Group portfolio company Xeros Technology raises GBP40m in placing

IP Group’s portfolio company Xeros Technology Group has raised around £40m via a share placing at 225p per share.

The proceeds from the placing will be used to build on Xeros’ progress in its commercial laundry business and to capitalise on opportunities for its polymer bead innovation in other applications, including in the leather processing and domestic laundry markets.

IP Group said it has agreed to subscribe for 2.1m placing shares, representing £4.7m.

Following completion of the placing, IP will be beneficially interested in 9.9m ordinary shares in the company, representing around 11.8% of the enlarged issued share capital.

At 1020 GMT, IP Group shares were up 0.5% to 237.50p while Xeros was 2.4% lower at 222p.