Australian manufacturer Carbon Revolution, which said its lightweight carbon fibre wheels are used on "some of the world's premier street cars", listed on the Australian Stock Exchange (ASX) with a market capitalisation of A$331.1m.
The company also confirmed performance was in line with the prospectus forecast and it was on track to become EBITDA positive during the fourth quarter of 2020.
Go deeper with GlobalData
The IPO raised $90.1m (including a primary raise of $30m and a secondary sell-down of $60.1m).
CEO Jake Dingle said: "This is an exciting time for our company, our staff, and our investors many of whom have been with us for years as we have grown from a small engineering startup to a world leader in our field.
"Carbon Revolution is the only company to have successfully developed and manufactured single piece carbon fibre automotive wheels to OEM quality standards with commercial adoption across several major OEM models. This public offering will assist with the next stage in expanding our business.
"[We have] posted a number of successes in 2019, including announcing a contract for expansion into the SUV market with a new OEM customer.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData"We have also formed an alliance with Mitsui Trading and were awarded a federal government grant to adapt [our] technology to the aerospace sector.
"The additional capital from the IPO will be invested in industrialisation and scaling the manufacturing process to reduce unit costs and increase production capacity," he added.
