23rd Dec 2021 10:29
CT Automotive Group PLC - Portsmouth, England-based maker of custom interiors for cars - Shares rise 12% on first day of trading on AIM. CT Automotive placed 22.9 million new shares at an initial public offering price of 147.00 pence each with institutional investors, raising GBP33.6 million for the company. It had a market capitalisation of GBP75 million on admission. The stock was trading up at 165.00p on Thursday morning in London. The funds will be used to repay debt.
CT Automotive makes its bespoke interior components - such as arm rests and dashboard panels - in China, Turkey and the Czech Republic. The company was founded in 2000 by Executive Chair Simon Phillips. Chief Executive Officer Scott McKenzie joined in 2007 from Canadian auto parts manufacturer Magna International Inc.
The IPO was run by Liberum Capital, which acted as nominated adviser and broker.
By Arvind Bhunjun; [email protected]
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