RanMarine Technology, a Dutch maker of drones designed to remove pollution and waste from water surfaces, announced terms for its IPO on Thursday. In its latest filing, the company also disclosed financials for the six months ended June 30, 2023, and replaced sole bookrunner Aegis Capital with WallachBeth Capital and Craft Capital Management.
The Rotterdam, Netherlands-based company plans to raise $8 million by offering 1.4 million units at $5.50. Each unit consists of one ADS, one tradeable warrant exercisable at $6.33, and one non-tradeable warrant excerisable at $6.60. At the proposed price, RanMarine Technology would command a market value of $61 million.
Because the company plans to offer units with warrants attached, RanMarine Technology will be excluded from Renaissance Capital's stats.
RanMarine is a cleantech company that designs, manufactures, and sells autonomous surface vessels (ASVs), also known as aquatic drones, focused on harvesting harmful plastic pollutants, algae/biomass, and oils from water while collecting critical water quality data. Its product plan consists of a line of ASVs, docking and transport products, an online management portal (RanMarine Connect), and data sensors. Currently, one ASV (the WasteShark) is available for purchase or lease, though the company expects to launch another ASV in the 4Q23 and two other ASVs in the 2H24.
RanMarine Technology was founded in 2016 and booked $1 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol RAN. WallachBeth Capital and Craft Capital Management are the joint bookrunners on the deal.
