The Cardiff-headquartered manufacturer of advanced semiconductor wafer products has raised £95m after placing almost 67 million new shares on the AIM market.
IQE, which designs and manufactures semiconductor products which are used in the iPhone, has listed 67 million new shares on the London Stock Exchange’s AIM market, raising £95m.
The funding will help IQE increase the capacity of its new manufacturing plant at the former LG site in Newport with the purchase of up to 40-60 new MOCVD machines over the next three to five years.
This additional capacity should enable IQE to address multiple mass market opportunities, including its leading position in the production of VCSEL wafers for use in 3D sensing consumer electronic applications.
Drew Nelson, CEO of IQE said: "Compound semiconductors are the fundamental enabler of innovations such as wireless connectivity, 3D sensing, biometric sensors, electric and autonomous vehicles, high speed wireless and optical communications, and advanced manufacturing.
“The funds raised from this placing will allow the accelerated expansion of our capital expenditure programme in the new epi-foundry in Newport, enabling the scaling of our business to capture multiple high growth, mass market opportunities, including our leading position in the production of VCSEL wafers for use in 3D sensing consumer electronic applications along with multiple other consumer applications and platforms."
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