Tekcapital has received a 49p price target from analysts at SP Angel following the IPO of their smart eyewear business, Innovative Eyewear, on the NASDAQ yesterday.
The listing valued Innovative Eyewear at $54.8m at a unit price of $7.50 with each unit comprising of 1 shares and 2 warrants. After the listing, Tekcapital retains a 70% state in Innovative Eyewear.
Providing an outlook on Tekcapital shares, SP Angel said in their note they ‘continue to believe there is significant upside to the current valuations of each of TEK’s portfolio companies. Looking at the valuation of the portfolio companies we derive a minimum current value for TEK of ~49p/shr. We continue to rate TEK a Buy.’
Tekcapital shares were trading at 31p at the time of writing on Tuesday.
