16th Feb 2022 12:46
(Alliance News) - Shares in Strip Tinning Holdings PLC started trading on AIM in London on Wednesday, and the auto parts maker said it plans to use the cash from its initial public offering to capitalise on "significant new growth opportunities" in the electric vehicles market.
The stock was trading at 175.00 pence each midday Wednesday, down 5.4% lower than the IPO price of 185p.
The Birmingham-based supplier of electrical connectors raised GBP11.5 million gross in total, with GBP8.0 million for the company from new shares and GBP3.5 million for existing shareholders. The IPO was led by Singer Capital Markets as broker and nominated adviser.
Strip Tinning had a market capitalization of GBP28.0 million at the IPO price, with 15.1 million shares in issue and a free float of 41%.
The net proceeds for the company will be used for further investment in its Glazing and EV businesses.
Strip Tinning said it sees "significant new growth opportunities" in the electric vehicle market, as the automotive industry transitions towards EVs.
"Today's admission to AIM is a significant landmark for Strip Tinning and a special day in the company's evolution," Chief Executive Richard Barton commented.
"We are now a leading supplier of specialist connectors to the automotive sector, having established long-term customer relationships with some of the automotive industry's most familiar names. Today's admission provides us with the resources to further enhance our capabilities and continue on our exciting journey."
By Abby Amoakuh; [email protected]
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