UPDATE 1-Innovision raises 5.4 mln stg to capitalise on ops

* Places 30 mln shares at 18 pence

* Represents discount of 34.5 percent to Thursday's close

* Placing to capitalise on market opportunities (Adds details)

LONDON, July 3 (Reuters) - Mobile phone chip manufacturer Innovision Research and Technology (INNV.L: Quote, Profile, Research) said Friday it is raising 5.4 million pounds ($8.88 million) to capitalise on its market opportunities.

The company is placing 30 million shares at 18 pence per share, a 34.5 percent discount on Thursday's closing price of 27.5 pence per share.

The placing represents about 32.7 percent of the enlarged share capital.

It will use the cash to extract value from its position within the market for specialist communication chips, known as Near Field Communication chips, that can be used in mobile phones so they can communicate with other devices, and in order to develop its products further.

(Reporting by Ben Deighton)