Venn Life Sciences Holdings PLC unit Integumen PLC went public on the AIM market of the London Stock Exchange, raising £2.3 million in an equity placement.
Venn Life owned 41.51% of the Ireland-based personal healthcare company and now owns 25.59% of the unit following admission to the market.
Venn Life is participating in the IPO and subscribed for 8 million new shares of Integumen for a total cash consideration of £400,000. Based on the placing price of 5 pence per share, Integumen has a market capitalization of about £8.3 million.
As part of the IPO, Paul Kennedy has retired from the Venn board and become a director of Integumen.