RealTime IT News

Lake Technology IPO To Close Early

Australian-based high technology company, Lake Technology has announced that it has closed its initial public offering early and oversubscribed.

The offer, which opened on October 20 was scheduled to close on November 19. Managing director Brian Conolly, said response to the public offer had been strong.

"We're very pleased at the strong interest which the company has attracted. Institutional support in particular has been strong and that has been particularly pleasing."

"Lake Technology is a company which has built an international industry reputation in developing high value-added DSP products and is now successfully migrating the technology into consumer electronics in areas such as Dolby Headphone (surround sound over headphones)," he said.

Allotment of shares is expected to take place by December 1 and share trading on the ASX is expected to commence on December 6. The minimum subscription of shares was 4,000.

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

The company currently has a portfolio of more than 30 filed patents and patent applications in the DSP field, and plans to build on this portfolio and the ownership of intellectual property as its dominant asset.