PrimaryBid supports XP Power on £45 million fundraise

PrimaryBid was pleased to support XP Power Limited (LSE:XPP), a developer and manufacturer of critical power control solutions for the industrial technology, healthcare and semiconductor manufacturing equipment sectors, on its recent fundraise.

XP Power, which is Singapore-based but listed in London, raised approximately £45 million through a placing to institutional investors and through a retail offer via the PrimaryBid platform. The proceeds will be used to reduce net debt, improve the Group's liquidity position, refinance capital investments and continue to invest in key areas including R&D.

The fundraise, which was launched off a 11% premium to the preceding day’s share price, was oversubscribed both by institutions and retail investors, with PrimaryBid’s offer capped at £1.5 million.

Existing shareholders and new investors were able to participate through PrimaryBid's website, app and through its partner network of investment platforms, retail brokers and wealth managers.

The PrimaryBid retail offer was only available to investors in the UK.