Lake Technology to Raise AUS$5.5 Million Through IPO

Australian-based technology company Lake Technology has announced its intention to raise AUS$5.5 million through the public offer of 11 million shares at an issue price of 50 cents per share.

Lake Technology previously operating under the name of Lake DSP, is an Australian owned and operated company with a primary focus on researching, developing, commercialising and licensing digital signal processing (DSP) technology.

Allotment of shares is expected to take place by December 1 with trading on the ASX expected to commence on December 6.

The shares offered through the IPO represent approximately 10.5 per cent of the issued capital of Lake Technology, capitalising the company at AUS$52.4 million. Existing shareholders will continue to hold approximately 84.3 per cent of the issued capital while the remaining 5.2 per cent of issued capital will be held by third parties.

Founded in early 1991, the company has established an international industry reputation in advanced DSP applications, developing high value-added products for leading researchers and multinational organisations in the fields of communications, automotive acoustics, consumer audio, and acoustic research.