A British business that has invented a form of non-stick chewing gum is looking to join AIM and raise £25 million on admission.
Revolymer, a polymer company which develops products for the ‘fast moving consumer goods’ (FMCG) markets, is set to join AIM on 10 July.
The company’s Rev7 non-stick chewing gum was invented by Terry Cosgrove while he was at The University of Bristol over ten years ago.
Funds raised by the admission will be put towards launching the gum in Europe (specifically in Ireland, Germany and the UK). The gum is already being sold in the US.
According to Revolymer, the gum can be easily removed from clothes using water and soap. In street situations, removal through normal street cleaning and pedestrian traffic ‘typically’ removes 70 per cent of its gums, compared to 30 per cent of conventional brands.
Based on its placing price, the business will be valued at £53 million.
Roger Pettman, CEO of Revolymer, comments, ‘[The business] has an exceptionally strong technology base and a portfolio of products that has the potential to deliver near term licences and launches of our own-branded and partnered products targeting multi-billion dollar FMCG markets.’
Pettman says that joining the junior stock market will enhance its profile and standing as well as giving it the capital it needs to support its ‘strategic objectives’.