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TI Fluid Systems resumes IPO plans
Posted on Monday, 09 October 2017 13:29
Fuel pumps manufacturer TI Fluid Systems intends to list on the London Stock Exchange, floating 25.0 per cent of its shares for EUR 425.00 million.

An over-allotment option of 15.0 per cent will be offered to certain professional and institutional investors.

The announcement comes one year after the business cancelled plans for an initial public offering (IPO) worth EUR 600.00 million due to market volatility, following the UK’s decision to leave the European Union.

TI Fluid Systems has 28,000 employees and manufacturing facilities in 29 countries.

It supplies and manufactures automotive fluid storage, carrying and delivery systems, including those designed for applications in both electric (EV) and hybrid electric vehicles (HEV).

Funds managed by Bain Capital purchased the company, which was previously known as Omega Holdco II, in 2015 for USD 2.40 billion, including debt.

The firm posted earnings before interest and tax (EBIT) of EUR 201.80 million for the six months ending 30th June 2017, up 8.7 per cent compared to EUR 185.60 million for the same period last year.

TI Fluid Systems reported revenue of EUR 1.78 billion for H1 2017, up 9.2 per cent from EUR 1.63 billion for the first half of 2016.

Headquartered in Oxford, UK, the company’s corporate offices are in Michigan, US.

Chief executive William Kozyra said: “Since we first considered an IPO of the group last year, the group has had continued strong business performance”.

Kozyra added that the firm was now looking to “capitalise on the automotive megatrends of reduced emissions and improved fuel economy,” particularly EV/HEV trends.

According to Zephyr, the M&A database published by Bureau van Dijk, there have been 1,494 IPOs announced so far this year.

The most valuable of these listings was German wholesaler Metro Wholesale & Food Specialist’s EUR 8.00 billion floatation on both the Frankfurt and Luxembourg Stock Exchanges.

© Zephus Ltd