LONDON (ShareCast) - (Sharecast News) - Technology-focussed intellectual property investor Tekcapital announced on Monday that Innovative Eyewear, a subsidiary of portfolio company Lucyd, has announced pricing of its $7.35m initial public offering.
The AIM-traded firm said Innovative Eyewear, which develops and retails "cutting-edge" eyeglasses and sunglasses designed to allow the users to remain digitally connected, had priced an initial public offering of 980,000 units consisting of 980,000 shares and accompanying warrants to purchase up to 1,960,000 shares.

Each share was being sold with two warrants, with each warrant exercisable for one share, at a combined price of $7.50, for gross proceeds of $7.35m before underwriting discounts and offering expenses.

The warrants would be immediately exercisable at a price of $7.50 per share, and would expire five years from issue.

Additionally, Innovative Eyewear had granted the underwriters a 45-day option to purchase up to an additional 147,000 shares or 294,000 warrants to purchase shares to cover over-allotments at the initial public offering price, less the underwriting discount.

Its shares and warrants were expected to begin trading on Nasdaq on 15 August under the symbols 'LUCY' and 'LUCYW', respectively.

Tekcapital said the offering was expected to close on 17 August, subject to customary closing conditions.

"Innovative Eyewear intends to use substantially all of the net proceeds from the offering for advancing its sales and marketing, expanding inventory, updating and producing in-store displays, developing new styles and sizes of the Innovative Eyewear's smart eyewear, and for working capital and other general corporate purposes," the company said in its statement.

At 1142 BST, shares in Tekcapital were up 4.93% at 34.37p.

Reporting by Josh White at Sharecast.com.

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