IQE plc (AIM:IQE), a supplier of compound semiconductor wafer products, said on Tuesday it has completed a placing and a RetailBook retail offer that raised a combined £13 million.
The firm issued 55,555,555 placing shares and 10,101,010 RetailBook offer shares, each priced at 19.8 pence per ordinary share. Those equity tranches form part of a broader financing package that also includes a planned investment from MACOM and the reinvestment of existing convertible loan notes by current noteholders.
Collectively, IQE said the components of the wider fundraising are expected to produce total gross cash proceeds of £81 million. That aggregate amount remains contingent on a number of conditions before the full package becomes effective.
One of the explicit conditions is shareholder approval of associated resolutions. IQE has scheduled a general meeting for 9:30 a.m. on May 15, 2026, to be held at the offices of White & Case LLP at 5 Old Broad Street in London, where shareholders will vote on the proposals tied to the fundraising.
Additional regulatory clearances are also required. IQE noted that MACOM must obtain clearance for its subscription under the National Security and Investment Act 2021 and must secure approval under relevant Italian foreign direct investment legislation.
Peel Hunt LLP acted as sole bookrunner for the placing. IQE indicated that no portion of the fundraising is being underwritten.
Context and next steps
The immediate outcome of the placing and RetailBook offer is £13 million in proceeds from newly issued ordinary shares at the stated price of 19.8 pence. The company will await the shareholder vote and the necessary regulatory approvals for MACOM before the broader £81 million package is finalized.
Until those outstanding conditions are satisfied, the full proceeds from the combined initiatives remain prospective rather than completed.