Laminera Flow Optimization, which is developing a device to provide active flow control in fluid pipe transportation, announced terms for its IPO on Friday.
The Netanya, Israel-based company plans to raise $8 million by offering 1.6 million units at a price range of $4.25 to $6.25, with each unit containing one share of common stock, and two warrants, exercisable at $5. At the midpoint of the proposed range, Laminera Flow Optimization would command a market value of $23 million.
Because the company is offering units with warrants attached, and will have a post-IPO market cap of less than $50 million,Laminera Flow Optimization will be excluded from Renaissance Capital's 2022 IPO stats.
Laminera Flow Optimization is currently developing a device that introduces pressure waves within pipes in order to reduce drag in the flow of fluids such as oil, gas, and water. This effect is designed to be sustainable for a significant pipe length and thereby introduce energy savings regarding input pump work. Once a new generation of the prototype has been completed, the company will create a control software to monitor upstream and downstream pressure as well as finalize a program for automatic control.
Laminera Flow Optimization was founded in 2017 and plans to list on the Nasdaq under the symbol LMIN. Aegis Capital Corp. is the sole bookrunner on the deal.
