FoaMasters International Ltd started out manufacturing latex and rubber products in Macau back in 1964. Its Singaporean management subsequently switched to producing polyurethane foam and it has factories in China and two joint venture sites in Vietnam. The company has exclusive rights in China and Vietnam for 10 years for Mobius Technology's recycled foam technology, which uses recycled powder. FoaMasters joined Aim in December 2007. It wanted to raise $38m (£19m) but in the end it raised $2.7m, or $700,000 (£350,000) after expenses, at 77c (38.5p) a share.