Rapid Technology Group has made a successful debut on the Developing Companies Market in Dublin and on London's Alternative Investment Market. In Dublin shares were listed at 107p and moved ahead to close at 115p. Dealers said there was "reasonable" volume trading. At the closing price RTG had a market capitalisation of £25 million - making its three executive directors Mr Pat McDonagh, Mr Roger Bannon and Mr Jim Barry paper millionaires.
The Dublin-based company is the first new technology company to float on the DCM and only the third company to seek a listing on the fledgling market. The flotation was preceded by a share placing. Some 4.5 million shares were placed with private and institutional investors at prices of 107p per share, to raise just under £5 million. The funds will be used to increase international sales by expanding the group's presence in the US market, to fund the development of new products and to provide for rising working capital requirements and reduce short term borrowings.
If the drive into the US market is successful the company plans to seek a listing on the NASDAQ market in the US within one to two years. RTG designs electronic point of sale keyboards which can be linked to personal computers. Each button on the keyboard rather than containing a single letter of the alphabet is a mini display system. It is designed to be simple to use - cutting out the need for staff training. It has been sold to supermarket chains and retailers.
Some 60 per cent of RTG is owned by the three executive directors and two non-executive directors.
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