IPO
The quoted technology commercialisation company IP Group plc floated its subsidiary Modern Water on the Alternative Investment Market in London, raising £30 million.
IP Group retains at 23 per cent stake, worth £16.1 million at the placing price. Modern Water was set up in 2006 to commercialise a range of water purification and desalination technologies, and provide ways of substituting fresh water with sea water or recycled water for certain non-potable uses.
To date Modern Water has made investments in Surrey Aquatechnology Ltd, a spin-out from Surrey University, and Poseidon Water Ltd and Cymtox Ltd, both spin-outs from Cardiff University.
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