London Stock Exchange welcomes Light Science Technologies Holdings plc

Today, London Stock Exchange welcomes Light Science Technologies Holdings plc (“LSTH”) to trading on AIM under the ticker LST. In October 2021, LSTH successfully raised gross proceeds of £5 million (the “Placing”) and the Company’s market capitalisation on admission was approximately £17.5 million.

The net proceeds of the Placing, which are receivable by the Company, will be used to strengthen the Company’s position in the indoor agritech controlled environment agriculture (“CEA”) industry, while increasing the manufacturing capacity of its contract electronics manufacturing (“CEM”) division. LSTH looks to develop and service its combined forward order book across its CEA and CEM divisions of over £18.8m*, in addition to its prospective £40.6m CEA pipeline of potential orders.

Strand Hanson is acting as Nominated & Financial Adviser, with Turner Pope Investments acting as Broker in relation to the Placing.

LSTH was incorporated in England and Wales on 13 January 2020 and is the holding company of the Group’s CEM division, UK Circuits and Electronics Solutions Limited (“UK Circuits”), and its CEA division, Light Science Technologies Ltd (“Light Science Technologies”).

UK Circuits was founded in 1997 and is a contract electronics manufacturer with strong revenue and cash generation. The Group’s manufacturing facilities in Manchester, UK, enable the Group to design, manufacture and test high-quality CEM products used in a broad range of sectors.

Light Science Technologies was founded in September 2019 and facilitates the Company’s CEA operations. The Group’s state-of-the-art laboratory facilities in Derby, UK, enable the Group to design, test and provide innovative CEA products and services.

The CEM focussed division of the Group, UK Circuits, designs, procures and manufactures high-quality CEM products, specialising in PCBs (printed Circuit Boards), for over 70 recurring customers, which are used in a range of sectors, including, audio, automotive, electronics, gas detection, lighting, pest control, and more recently moving into the CEA market. The UK Circuits design team works alongside customers with new and existing product designs to provide design and engineering support, including simulation, 3D modelling, and prototyping. UK Circuits’ procurement offerings range from assembly of free issue components to full turnkey solutions, leveraging the experience of its dedicated supply chain team and relationships with reputable suppliers.

In addition to the Group’s CEM capability, the Group’s CEA division, offers integrated, cost-saving and sustainable CEA solutions to crop growers, with a focus on the indoor, vertical and medicinal farming markets, which is expected to be the major growth area for the Group going forwards in light of the market landscape and in view of competing offerings currently in the marketplace. Light Science Technologies’ all-in-one CEA solution, currently under development, includes analysing customers’ crop growing requirements to provide bespoke, low-energy products, which subsequently monitor the environment in order to maintain optimal growing conditions through the nine cardinals of plant life (namely air speed, carbon dioxide levels, humidity, light, oxygen, plant disease, soil, temperature and water pH levels) to maximise crop yields and minimise resource usage.

Quick facts

Track
Market: AIM
Instrument market cap (£m)
40.05
Listing/Admission to trading
15 Oct 2021

Simon Deacon, CEO of LSTH, commented:

“We are delighted to be trading on London Stock Exchange through our AIM IPO, and are very excited to work with our new shareholders in this exciting new chapter for the Company.

“This IPO enables us to build on the successes we have achieved over the past few years and capitalise on the large market opportunities presented to us. We look forward to supporting the revolution in modern agriculture, sustainably helping growers grow more for less.”

Notes:

* £13.8m of forward order book dependant upon completion of trial gated project contract, completed over circa 4 years. Please refer to the Company’s AIM Admission Document for more information.

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