22nd Aug 2016 07:40
LONDON (Alliance News) - Automotive parts manufacturer Autins Group PLC surged higher on Monday morning as it began life as a listed company in London after raising GBP26.6 million in gross proceeds from its float on AIM.
Autins placed a total of 15.8 million shares at 168.00 pence per share, raising gross proceeds of GBP26.6 million, of which GBP14.0 million will be invested in the company, including on new product lines and equipment and on reducing debt. The rest of the funds will go to the selling shareholders.
The firm's market capitalisation upon admission was GBP37.1 million. Autins makes acoustic and thermal insulation products for the automotive sector.
Shares in the firm surged on Monday morning, up 25% to 210.00p.
"Autins has established itself as a leading supplier of noise and heat management products in the automotive market and we believe the IPO is the right strategy to support the continued development of the business as it continues to grow into new and existing markets," said Jim Griffin, Autins' chief executive.
"The board has been delighted by the support of its new investors and we look forward to reporting on the progress of the business and delivering value for our shareholders in the months and years ahead," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
Autins Group