Lancaster University spinout firm Quantum Base announced the admission of its ordinary shares to trading on the AIM Market of the London Stock Exchange following its IPO.

At the issue price, the authentication company will have a market capitalisation of £14.8 million.

Quantum Base said admission follows the successful completion of a £4.8 million fundraising through a placing of new ordinary shares and a significantly oversubscribed retail offer via RetailBook Limited at an issue price of 23.1p.

Quantum Base CEO Tom Taylor said: “I am thrilled to commence trading on AIM today, marking a key step in our decade long journey from a Lancaster University spin-out to a British scientific success story. Floating on AIM gives us direct access to a large, sophisticated pool of investors, and provides further independence and credibility for our business.

“The success of the fundraise is a strong endorsement of our mission to cement ourselves as the new global standard in authentication which, in the face of a growing counterfeiting problem, is more important than ever. The funds raised will enable us to further accelerate commercialisation and expand into new product lines.

“I would first like to thank the entire Quantum Base team for their positive engagement throughout this process, as well as our team of advisers for their continuous hard work.

“I would also like to thank our partners and our new investors for sharing our vision for the company, and I look forward to you sharing in our success as we work to deliver value for all our stakeholders whilst establishing Quantum Base as the leading anti-counterfeit solution.”