SOUTH WALES high technology company Pelikon is considering a flotation.
The company, which specialises in electro luminescence display technology, said a float, on a yet to be determined exchange could be realised in 2005.
The Caerphilly-based company, specialises in producing electro luminescence (EL) light displays for electronic products such as remote controls and mobile phones.
Pelikon, in which venture capital firm Advent Venture Partners has invested pounds 6m, is experiencing strong demand for its displays in a new breed of household appliances remote controls.
As part of a partnership agreement with US-based Nasdaq listed Universal Electronics Inc and Pelikon, has already this year sold 700,000 universal remote controllers under the Kameleon brand.
The latest remote control models, which cost around pounds 70, can activate up to 10 devices, including DVD players and televisions.
Revenues this year for Pelikon, which is looking to increase its workforce at Caerphilly, where it employs around 40, is forecast to be around pounds 5m.
However, the firm’s marketing director Chris Barnardo, believes that in five years time the business could achieve a turnover of pounds 100m.
Mr Barnardo said, ‘We are in a niche market, but it is a large niche market. Our goal is to reach pounds 100m of the market in five years.
‘We have the support of venture capital backers. However, their exit could result in either a trade sale or a flotation.
‘If we float we are looking at a two to three-year time scale. It is still earlier days, but our chief executive does have experience with an AIM listed company.
‘This is an extremely exciting time for the business and if we do float we fully intend to keep our headquarters in Wales.’
Pelikon’s chief executive Colin Powell said the partnership deal with UEI, was a vote of confidence in the business.
‘The development and manufacturer of Kameleon by UEI and its use of Pelikon’s interface display technology, confirms our status as a world class display technology provider,’ he added.
Mr Barnardo said, ‘The performance characteristics of our EL technology make it an ideal medium to meet the demanding performance requirement of UEI.’
Pelikon was formed in August 2000, backed by pounds 2m of venture capital funding.
Initially called Elumin it started out making back lights for mobile phones.
In October 2001 it acquired the EL arm of Cambridge Consultants, bringing on board a new pool of engineers and research and development expertise.
