A technological process which is said to double the capacity of computer chips will see Belfast electronics company, BCO Technologies in profit within three years, a spokesman said yesterday. BCO yesterday unveiled its flotation prospectus for listing applications on Dublin's Developing Companies Market (DCM) and London's Alternative Investment Market.

With a market capitalisation of £25 million sterling, the six-year-old company, which processes silicon wafers for use in analogue integrated circuits, is due to have its first day of dealings on December 17th.

The company has raised £9.3 million by the placing of seven million new shares at 140p each. The placing brings the total number of shares in issue to 17.86 million.

The company's chairman and finance director, Mr Dermott Simp said that the process established by the company, which employs 81 people, was a trade secret.

"This is the first material breakthrough in this technology since the patent was established on the integrated circuit in 1959", the chairman claimed.

"We have invested £1.25 million by way of ordinary equity and our shareholding, prior to this fund-raising, was 28 per cent. In addition, we have a preference share investment of £700,000," Mr Simpson said.

The three directors now control more than 7 per cent of the company shareholding, valued at about £1.8 million

The Industrial Development Board has awarded a six-year grant assistance programme to the company lasting until 2001, and involving a total of £5.53 million of which £1.77 million has been paid.

BCO has also received venture capital funding amounting to £5.8 million, which, following the flotation, gives 3i a 19 per cent stake, ACT a 16.6 per cent stake and Enterprise Equity a 14 per cent stake. Mr Walter Hobbs, of ACT, said that the company had invested £1.25 million in ordinary equity, along with a £700,000 preference share investment. Mr Simpson added that one of the reasons the company was seeking a Dublin listing was to recognise the investment by ACT and because the market was well informed on technology stocks.