London Stock Exchange today welcomed Autins Group plc to AIM
London Stock Exchange today welcomed Autins Group plc (AIM: AUTG) with the admission of its shares to AIM. The successful flotation of Autins Group follows a capital raising of £26.6 million from institutional and other investors.
Autins Group, is a leading UK designer, manufacturer and supplier of acoustic and thermal insulation solutions for the automotive sector.
Commenting on the flotation, Jim Griffin, Chief Executive of Autins Group said:
"We are delighted to announce our IPO and forthcoming Admission to AIM. Autins has established itself as a leading supplier of noise and heat management products in the automotive market and we believe the IPO is the right strategy to support the continued development of the business as it continues to grow into new and existing markets.
“The Board has been delighted by the support of its new investors and we look forward to reporting on the progress of the business and delivering value for our shareholders in the months and years ahead.”
Of the proceeds raised, £14.0 million will be used for investment in new product lines and equipment, the repayment of existing debt and working capital in support of anticipated future growth. The remaining £12.6 million is for the benefit of selling shareholders
Cantor Fitzgerald Europe is acting as Nominated Adviser and Broker to the Group in relation to Admission.