BDB Pitmans advises on Reading-based Sondrel’s £48.1m AIM listing

By Sam Pither

21 November 2022

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Reading-based Sondrel (Holdings) Plc, was advised by UK law firm BDB Pitmans on its recent admission to the London Stock Exchange’s AIM market and associated funding.

The market capitalisation of the business, when it was admitted on 21 October 2022, was £48.1 million, and was accompanied by a successful placing which raised the company £20 million.

The money raised will help Sondrel and its subsidiaries’ geographic expansion, along with being invested into talent acquisition, boosting the firm’s research and development programme and allowing it to hire more engineers, and increase its marketing in Asia and the US.

Sondrel, which was founded in 2002, designs and supplies semi-conductors, delivering customised, ultra-complex, digital ASIC (application-specific integrated circuits) chip solutions.

Its engineers deliver a ‘concept-to-silicon’ design service to technology firms across the globe along with offering clients a turnkey ASIC service from its five design centres in the UK, China, India and Morocco.

The firm’s designs have been used in a number of well-known, market-leading technologies in mobile phones, cameras, security systems and AR/VR systems, including Apple’s iPhone, Sony’s Playstation, Meta’s Oculus Quest, Samsung, Google and Sony Smartphones, JVC camcorders and Tesla and Mercedes Benz cars.

Further advice came from Cenkos Securities (nominated advisor and broker), Grant Thornton UK LLP (reporting accountant), One Advisory (secretarial advisor) and Buchanan (financial public relations).

Sondrel chief executive Graham Curren commented: “Sondrel is at the cutting edge of the UK tech sector, boasting unrivalled market-leading engineering expertise.

“As demand for our highly complex ASIC chip solutions continues to grow, the IPO will provide us with the chance to raise the group's profile as a deliverer of complex ASICs/SOCs, increase the number of engineers we employ and accelerate growth in the USA and beyond.

“Separately I would like to thank BDB Pitmans for all their efforts on this highly complex transaction. This is not the first time we have been impressed by the talent and collaborative efforts across the firm but given the intricacy of the deal, the level of experience on hand made all the difference.”

Oliver Pilkington, Partner at BDB Pitmans, said: ‘We are delighted to have advised returning client Sondrel on its admission to AIM, helping it to raise crucial funds to grow its talent base and expand its global operations.

“IPOs are complex by nature but the breadth and depth of BDB Pitmans’ in-house expertise enabled us to bring this transaction to a close swiftly and smoothly in a challenging market.’

Featured image credit: Sondrel

By Sam Pither

Sam is the Regional Editor of Biz News, responsible for both Hampshire and Dorset.

A new recruit to journalism, Sam started writing for the Business Magazine as a freelancer in May of 2022 after completing his degree in English at University College London. His passion for local businesses and ability to tell a story soon caught the attention of the publication’s management team and have led to his meteoric rise.

Sam, who lives in central Reading, takes a particular interest in technology, gaming and food and drink, having been a chef before starting his degree.