Cardiff-based IQE (www.iqep.com), a manufacturer of advanced semiconductor wafer products, has raised £95 million with a share placing on the London Stock Exchange’s AIM market.

This will help IQE to increase the capacity of its new manufacturing plant at the former LG site in Newport, by purchasing up to 60 new metal-organic chemical vapour deposition machines over the next three to five years.

This will enable IQE to take advantage of multiple mass-market opportunities.

Drew Nelson, CEO of IQE, said: “Compound semiconductors are the fundamental enabler of innovations such as wireless connectivity, 3-D sensing, biometric sensors, electric and autonomous vehicles, high-speed wireless and optical communications, and advanced manufacturing.

“The funds raised from this placing will allow the accelerated expansion of our capital-expenditure programme in the new epi-foundry in Newport, enabling the scaling of our business to capture multiple high-growth mass-market opportunities, including our leading position in the production of VCSEL wafers for use in ‘3-D sensing’ consumer electronic applications.”