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News Article

Oversubscribed IPO for GaN-on-glass firm

An Australian company with a novel take on GaN LED manufacturing has extended its public offering of shares after the initial float is oversubscribed.

BluGlass, the Sydney, Australia firm with a low-cost manufacturing method for GaN-based LEDs, has extended its initial public offering (IPO).

The original float raised the maximum subscriptions of AUS$9 million ($6.8 million), so BluGlass decided to raise a further AUS$1 million by issuing 5 million additional shares.

A spin-out from Macquarie University in Sydney, BluGlass has come up with a way to make high-quality GaN semiconductor films on large glass substrates using a low-temperature deposition process.

If that process can be developed into an industrial-scale method and ramped up to produce very large chip volumes, it could vastly reduce the cost of high-brightness emitters and advance the market penetration of solid-state lighting.

The proceeds of the IPO will largely be spent on trying to prove the manufacturability and scalability of the process.

BluGlass CEO David Jordan said, "The key focus over the first 12 months is to prove that our technology can significantly reduce the cost of manufacturing GaN and following this offer we will be in a very secure financial position to achieve that."

Prior to the IPO, BluGlass had existing cash reserves of around AUS$6 million and the additional AUS$10 million raised in the offering will give the company a solid foundation.

BluGlass is now expected to be listed on the Australian stock exchange on September 22.

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