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India's Tirupati Graphite lists with Green Mark on London Stock Exchange

Last Updated 15 December 2020, 14:43 IST

Tirupati Graphite has become the latest Indian company to list on London Stock Exchange's Main Market, raising 6 million pounds in equity capital from both institutional and retail investors.

The specialist graphite and graphene producer with operations in Madagascar and India is also the latest issuer to receive the London Stock Exchange’s Green Economy Mark, which recognises equity issuers in London with green revenues of 50 per cent or more.

The company said it plans to use the funds raised to complete its stage two investments, which will see a three to four times expansion in its current capacities.

“It will also kickstart the availability of specialty graphite used in advanced applications for which India and the globe are currently substantially dependent on Chinese sources,” explained Shishir Poddar, CEO of Tirupati Graphite.

“The development will therefore lay the foundations for diversification of flake and specialty graphite sources and that too manufactured in a more eco-friendly process. India is a huge net importer of graphite with limited new sources under development. An Indian origin company shall help it secure its needs too,” he said.

Graphene has wide-ranging revolutionary uses and Tirupati Graphite, whose founder originates from the city of Ranchi, is focused on composite materials with graphene – both metals and non-metals – and also coatings and energy storage.

The funds raised at London Stock Exchange 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 per cent purity is set to increase to 81,000 tonnes per annum 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 commissioned in July 2019 to manufacture and sell CARBOFLAMEX®, a trademarked fire-retardant product made from expandable graphite.

“Our admission to trading on London Stock Exchange is a 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,” said Poddar.

“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,” he added.

The London Stock Exchange welcomed the company to its fold, which raised 1.75 million pounds through an Intermediaries offering, including a PrimaryBid retail tranche.

“Through London's markets, issuers can access the diverse UK and international investor base, providing global liquidity, and increase their international profile. This listing demonstrates the opportunities for companies across all sizes and sectors to raise capital in London,” said Gokul Mani, Head of Middle East, Africa & India, Primary Markets at the London Stock Exchange.

So far this year, London Stock Exchange said it has welcomed 34 Initial Public Offerings (IPOs), raising a combined 9.2 billion pounds. Its Green Economy Mark, launched in October last year, recognises equity issuers on London Stock Exchange with green revenues of 50 per cent or more, based on FTSE Russell’s Green Revenues taxonom

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(Published 15 December 2020, 14:43 IST)

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