Braveheart IPO aims to raise £21.5m

Published on Wednesday 28 March 2007 11:45

A SCOTTISH venture capital syndicate which was an early investor in Wolfson Microelectronics has announced it is to float on junior market Aim in an IPO that would value the company at around £21.5 million.

Braveheart Investments, which recently ploughed 1m into Heriot-Watt spin-out company NiTech Solutions, planned to float last May, but pulled out, citing adverse conditions. The Perth-based firm said it had raised 6.64m ahead of the flotation.

Chief executive Geoffrey Thomson said: "Braveheart is the first company of its kind to come to the market. We provide equity capital to enable young technology companies to achieve their ambitions. We provide experienced business people who assist with corporate development. We show market-leading investment returns, and we work with the academic community to deliver economic benefit to all concerned."

Braveheart was formed in 1997 by four Scottish businessmen as an informal investment syndicate where they could pool their money and their knowledge to reduce risk. The company gradually moved towards becoming a recognised investment management company.

Braveheart is due to start dealing on Aim on Friday.