London Stock Exchange welcomes Tirupati Graphite plc to the Main Market

London Stock Exchange welcomes Tirupati Graphite plc (‘Tirupati’) to trading on the Main Market by way of a Standard Listing and confirms it has received the LSE’s Green Economy Mark. The fully integrated, cash generative, specialist graphite and graphene producer with operations in Madagascar and India began trading on Monday 14 December having successfully raised £6 million through a first of its kind IPO that was made available to both retail investors as well as professional investors, giving it a market capitalisation on admission of £33.64 million. Upon admission the company has also received the prestigious London Stock Exchange's Green Economy Mark, which recognises companies that derive 50% or more of their total annual revenues from products and services that contribute to the global green economy.

The funds raised will be used to build second stage production across its established portfolio, which includes primary mining and processing in Madagascar where the company operates two key projects, Sahamamy and Vatomina. The current annual production of 3,000 tonnes of high-quality flake graphite concentrate with up to 96% purity is set to increase to 81,000 tonnes p/a by 2023. In India, the company processes and produces speciality graphite for use in hi-tech applications like lithium-ion batteries, fire retardants and composites. Its hi-tech graphite processing operations include the 1,200 tonnes p/a Patalganga Project, which was successfully commissioned in July 2019 to manufacture and sell CARBOFLAMEX®, a trademarked fire-retardant product made from expandable graphite. Patalganga is now being expanded to 4,800 tonnes p/a capacity with capabilities to also produce high purity and micronised graphite, so increasing market and product reach.

An additional 24,000 tonnes p/a graphite processing facility is to be established in two 12,000 tonnes p/a phases, with construction due to commence in Q4 2021. The plant, once operational, will produce expandable, high purity, micronised and spherical graphite. Tirupati is also in the process of establishing the Tirupati Graphene and Mintech Research Centre, a state-of-the-art R&D centre focussed on cost effective and environmentally friendly technologies for the production and applications of specialty graphite and graphene. Land has been acquired in Bhubaneswar, India, and a detailed feasibility study completed 

Classified as a critical resource by the US and EU with new sources outside of China considered a necessity, especially hi-tech graphite products like high purity and expandable graphite, there is strong market demand for Tirupati’s products. Furthermore, graphite and graphene are critical sustainable materials because of their extensive and unique properties and applications. In support of this, and as recognised by London Stock Exchange Green Economy Mark award, Tirupati places a special emphasis on “green” applications and is committed to ensuring its operations and products are developed in a sustainable manner. Tirupati’s board and management team are committed to delivering on its corporate strategy and building stakeholder value, utilising their collected 100+ years corporate, commercial, and technical experience to do so. 

Shishir Poddar, CEO of Tirupati Graphite, said: “Our admission to trading on London Stock Exchange is an historic moment for Tirupati, which provides us with greater visibility and opportunity for growth as we build our market share in the high demand graphite and graphene market. Our multi-asset, cash generative, “green” portfolio offers significant scope for further value creation and we have a defined development strategy in place to deliver upon this. To have reached this exciting point in our development I must give my sincere thanks to our experienced team and network of advisors; without their hard work and support Tirupati would not be the successful business it is today. We now look forward to building meaningful, sustainable value for the benefit of all stakeholders, many of whom we welcome to our register thanks to this successful IPO.”

Advisers to the IPO include:
•    Optiva Securities Ltd, Broker
•    PrimaryBid Limited, Advisor to the Intermediaries Offer
•    Bird & Bird LLP, Legal advisers to the company
•    St Brides Partners Ltd, Financial Public Relations 
 

Quick facts

Track
Market: Main Market
Instrument market cap (£m)
89.82
Listing/Admission to trading
14 Dec 2020
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