 Tekcapital (LON: TEK) shares have fallen Tuesday after it reported that Innovative Eyewear Inc, a U.S. operating subsidiary of its portfolio company Lucyd Ltd, has submitted a draft registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of its shares.
In an earlier announcement, Tekcapital said Innovative Eyewear has closed its crowdfund raising approximately $154,000.
Tekcapital currently owns 100% of the share capital of Lucyd Ltd and approximately 80% of the share capital of Innovative Eyewear, Inc.
The company said Innovative Eyewear intends to commence the IPO following the completion of the SEC review process. However, it did note that there is no certainty of the IPO going ahead.
The news has seen Tekcapital's shares fall over 5% to 32.25p. However, its shares are still up well over 100% for the year to date.
Should you invest in Tekcapital shares?
Tekcapital shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are TEK shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies