Shares of OCZ Technology Group, a leading supplier of high-performance memory modules for enthusiasts and other demanding groups, on Wednesday went on sale on alternative investment market (AIM) of London Stock Exchange. After the first day of sales, the company managed to increase its market capitalization 18% to about $59.7 million (£32.4 million) after shares closed at 77.5 pence.

“We are delighted by the take up by institutions of our shares on AIM.  The new money will enable us to eliminate high cost of financing, significantly improve our purchasing and inventory economies and provide working capital to finance our rapid international growth,” said Ryan Petersen, chief executive of OCZ Technology.

The company has also disclosed some information regarding its business performance. The data should give potential investors an idea on the growth of the company, which generally outpaces the growth of the memory market in general. OCZ said that its revenue in Q1 2006 were up 114% to $13.2 million, compared to $6.2 million a year earlier. The company’s sales increased to $36 million last year, up 80% from 2005’s $20 million.

The initial public offering (IPO) of OCZ is about $7.5 million and the post IPO capitalization is projected to be approximately $71 million.

OCZ develops, produces, and distributes high-performance computer components including flash memory storage, memory modules, thermal management solutions and computer power supplies.