LED and photonics technology manufacturer ProPhotonix Ltd joined Aim on 23 December 2010. It raised £825,000 (£240,000 after expenses) via a placing at 20p a share but the total share issue was worth £1.6m because $1.27m of debt was converted into shares at the placing price. The market capitalisation at the placing price was £10.5m. A range of £5m-£10m was put on the fundraising in August 2010. ProPhotonix manufactures LED arrays and engines in Cork, Ireland and laser diodes in the UK.