Insulation firm Autins set for £26m Aim IPO
Autins Group, a car insulation manufacturer that reduces noise from the engines of Bentleys and Range Rovers, will begin trading on London’s junior Alternative Investment Market (Aim) today.
Autins has raised £26.6m through a placing of new and existing shares, giving the group a market capitalisation of around £37.1m.
The group plans to use the funds to pay down its debt and to invest in new equipment.
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The Autins listing is one of the first to take place following the UK vote to quit the European Union earlier this year. New investors were successfully brought on board following the referendum.
Concerns had been raised that stock market activity could slow due to the Brexit vote.
Chief executive Jim Griffin has previously said the business, which has operations across Europe, will not be effected by the Brexit vote.
Autins brought in revenue of £19.9m in 2015 with a pre-tax profit of £910,000. The group has forecast this is set to rise this year.
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The Rugby-based business has backing from the likes of institutional investors Schroders and JP Morgan.
Cantor Fitzgerald Europe is the nominated adviser and broker.