Newcastle company Stelrad has been admitted to the London Stock Exchange following a flotation that valued the company at nearly £275m.
The company, which makes radiators, has its head office and sales operation in Newcastle city centre and a manufacturing site in Yorkshire. It also has manufacturing sites in Holland and Turkey, and distribution facilities in Denmark and Poland.
The company - which employs more than 1,300 people - announced today that its entire issued share capital of 127m ordinary shares had been admittd to the London Stock Exchange’s main market.
Stelrad was advised on its flotation, which will in part help it to reduce debt levels, by Clearwater International.
Stelrad CEO Trevor Harvey said: “We have really enjoyed working with the Clearwater International team on this momentous achievement for Stelrad as we begin life as a public company and embark on the next stage of our development. Clearwater International supported us throughout the process and added real value for Stelrad.”
Michael Loudon, partner at Clearwater International said: “It was fantastic to advise Stelrad in its decision to proceed with an IPO. The group is well positioned to pursue growth both organically and through acquisitions, having already established itself as a leader in radiator manufacturing and distribution.
“Its broader role in driving energy efficiency and creating environmentally friendly homes increases its attractiveness in the market and we are confident of Stelrad’s continued success in the future.”
