London Stock Exchange welcomed the AIM flotation of Creo Medical Group, a medical device company focused on the emerging field of surgical endoscopy. The Chepstow-based company raised £20 million on admission, with a market capitalisation of approximately £61 million. The company has been supported by Finance Wales, who have an equity stake in the company.
The company is the latest to join more than 40 bio-technology companies with a combined market capitalisation of almost £9 billion quoted on London Stock Exchange underlining the UK’s ability to develop, fund and support high growth companies in the sector. Welsh companies have made a significant impact on AIM this year with Bangor-based construction firm Watkin Jones raising £131m earlier this year, making it the largest AIM fundraising in two years. London Stock Exchange’s annual publication 1000 Companies to Inspire Britain also reported a 38% increase in the number of high growth Welsh companies growing in the region.
The Rt Hon. Alun Cairns MP, Secretary of State for Wales said:
I am delighted to congratulate the Welsh based company, Creo Medical Group on their success. Wales’ economy continues to go from strength to strength and it is great to see such a cutting edge and innovative business in Wales achieving such growth. Their ambitions are an inspiration for other companies across Wales and send a strong message that there are great opportunities in Wales for businesses to flourish.
Craig Gulliford, Chief Executive Officer of Creo, added:
We are very excited to have received such strong support from UK and European investors in raising £20 million. The AIM market in London has allowed us to attract the type of long-term institutional investors whose outlook fits nicely with our vision for the growth of the Company and execution of our business model. London is a great market and we believe the AIM market is an excellent platform from which we will continue to build a leading British medical device company.
“We are dedicated to improving patient outcomes by bringing advanced energy to the emerging field of surgical endoscopy and with the proceeds raised from the IPO, we can complete the development of our lead products and advance our other products. Our journey as a public company begins today and we are excited for the Company’s future prospects.
Emma Titmus, Business Development Manager, London Stock Exchange concluded:
It is great to see the success of this high growth Welsh company. This is an exciting IPO for many reasons, not least that it demonstrates very clearly that our markets are open and able to fund ambitious, cutting edge companies from across the UK. From its headquarters in Chepstow, Creo Medical Group will use the funding raised on AIM to target global markets. We are certain that the company will be an inspiration not just to other bio-technology firms but to businesses across Wales seeking long-term growth capital.