Deals this week: Jiangsu Daybright Intelligent Electric, Ecolibrium Energy, Tanzania Electric Supply Company
Jiangsu Daybright Intelligent Electric plans to raise CNY295.11m ($43.54m) in gross proceeds through an initial public offering (IPO) of 27 million shares.
To be listed on the Shenzhen Stock Exchange, the shares will be priced at CNY10.93 ($1.61) each.
Jiangsu is engaged in the manufacturing of automatic power products, substation systems, and medium-voltage switchgears.
Ecolibrium Energy has announced completion of $2.6m venture financing.
Infuse Ventures, Jones Lang LaSalle, IP, and an angel investor participated in the venture financing round.
Ecolibrium intends to use the net proceeds to improve its customer relationships, expand international business, and develop deep machine learning algorithms for electrical equipment.
Algae.Tec plans to raise A$8m ($6.13m) through the issue of 266,403,087 shares priced at A$0.03 ($0.023) a share.
Eligible shareholders of the company will receive three new shares for every four held under the issue.
Net proceeds from the financing are intended to be used for achieving business objectives. The company has engaged CPS Capital Group as the lead manager for to the rights offering.
Hansen Technologies plans to raise A$10m ($7.68m) in gross proceeds through a rights offering of 2,702,702 new fully paid ordinary shares priced at A$3.7 ($2.84) each.
Hansen is a provider of customer care and billing, as well as metre data management software solutions.
Under the rights offering, the eligible shareholders will be allowed to apply for shares worth up to A$5,000 ($3,841.6).
Proceeds will be used for funding the acquisition of Enoro Holding and for working capital purposes.