Under the IPO, the company raised $2.54 million through the sale of 12.7 million shares. Dyesol will have a total of 57 million shares on issue.

Managing director Sylvia Tulloch said the IPO and ASX listing would give Dyesol a solid foundation to promote its technology into a global solar energy market that is currently worth $US5 billion annually.

Dyesol produces dye solar cell technology, which mimics plant photosynthesis. The company plans to sell its equipment to research and manufacturing groups.

It has an agreement in place with the Canadian-based Helios firm, to conduct a manufacturing plant feasibility study, which is to be completed in September.