Feb 21 Shares in British intellectual property
marketing company IP Group Plc rose as much as 13
percent on Friday after it said a company in which it has
invested plans to raise funds and list on London's junior stock
The company, Xeros Ltd, makes reusable and recyclable
polymer beads for the laundry industry. It plans to raise
between 30 million pounds and 40 million pounds ($50 million-$67
million) and list on the Alternate Investment Market (AIM), a
source familiar with the matter told Reuters.
Xeros is expected to have a market capitalisation of between
90 million and 100 million pounds, the source said.
IP Group said Xeros, a spin-out from the University of
Leeds, was expected to make its trading debut in March.
IP Group holds a 14.6 percent stake in the company, while
its IP Venture Fund holds an 8.1 percent stake.
Shares in IP Group were up 6.3 percent at 228.5 pence at
1557 GMT, and were the biggest percentage gainer on the FTSE-250
Sheffield-based Xeros, whose investors also include
Enterprise Ventures, the Entrepreneurs Fund and Invesco, has
raised more than 15 million pounds so far, the source said.
"I am delighted that our major shareholders are highly
supportive of our proposed listing and associated fundraising,"
Chief Executive Bill Westwater said in an emailed statement to
Westwater, who has been CEO of Xeros since mid-2008, has
worked at Procter & Gamble, where he was responsible for
Ariel brand detergent in China.
IP Group, which commercialises intellectual property
developed at universities and other institutions, has tie-ups
with 11 universities in the UK including King's College London
and the University of Oxford.
The company supports IP development in fields as diverse as
computer-aided drug discovery to fuel cell technology and
graphene, according to its website.
($1 = 0.6003 British Pounds)
(Reporting by Noor Zainab Hussain in Bangalore; Editing by Ted