London Stock Exchange welcomes Tekmar Group plc to AIM
London Stock Exchange today welcomes Tekmar Group plc, a market-leading technology provider of protection systems for subsea cable umbilical and flexible pipes and offshore engineering services, on to the AIM market.
Upon Admission today, Tekmar Group had a market capitalisation of approximately £65 million. The Placing, which raised approximately £61.8 million (before expenses) at 130p per Share, was well supported by institutional investors.
Tekmar operates two primary divisions: the Offshore Wind Farm division which focuses on the provision of subsea protection for power transmission cables from and between offshore wind turbines, and the Subsea division which focuses primarily on the provision of subsea protection for umbilicals and flexible pipes to the oil and gas market. Both divisions are supported by AgileTek which provides subsea analysis, simulation and engineering consultancy services.
The Group, which employs over 100 people, is headquartered in Newton Aycliffe, County Durham, United Kingdom in a 70,000 sq ft facility that includes the manufacturing centre, HSQE centre and business administration, and a 30,000 sq ft facility that includes product testing, client-training centre and the sales, project and engineering offices. AgileTek operates from an office in London and has offices supporting its Offshore Wind Farm division in Hamburg (Germany) and Shanghai (China). Tekmar has appointed sales agents in Busan (South Korea) and Boston (United States) for the Offshore Wind Farm division and in Singapore and Abu Dhabi (United Arab Emirates) for the Subsea division.
James Ritchie, CEO of Tekmar Group, said: “We are delighted to have joined AIM today. This is a significant step forward for Tekmar and allows us to execute our strategy to become the partner of choice for the supply of subsea protection equipment to the global offshore energy markets, whilst retaining our independence with customers and suppliers.
“Our strengthened balance sheet will allow us to invest more readily in the Group’s expansion going forward. We also believe that our profile and brand recognition are enhanced amongst potential clients. Our admission to AIM will also assist in the recruitment, retention and incentivisation of senior management and employees at all levels.
“This is a tremendous achievement for everyone at Tekmar and is testament to their hard work and dedication. I would like to take this opportunity to thank Elysian Capital for their support over the last seven years, as we move forward into the next stage of the Company’s development.”
Advisers to the IPO include:
Berenberg, Sole Global Coordinator and Broker
Grant Thornton, Nominated Adviser
Grant Thornton, reporting accountant and tax advice
Womble Bond Dickinson, lawyers to the Company
Bennett Brooks, IPO support to the Company
Belvedere Communications, financial PR