Auto parts maker Strip Tinning raises £8m via AIM float
A manufacturer has raised £8million in new capital after being listed on the AIM stock exchange.
Trading began today in shares of Strip Tinning which makes automotive connectors for use in items such as windscreens and heating systems, supplying BMW, Ford and Jaguar Land Rover among others.
The company, which has been based at Arden Business Park in Rubery since 2006, said the initial public offering (IPO) valued it at £28million.
It said it plans to use flotation as a springboard for further inroads into the electric vehicle market after opening a new 7,690 square foot factory at its Rubery site last summer to manufacture products. for this sector.
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It also expects to hire more staff following the IPO which has attracted institutional investors including River & Mercantile, Amati, Canaccord Genuity and Octopus Investments.
Strip Tinning was founded in 1957 by Cecil Barton in London before moving to Birmingham in 1993. It is now run by his son and Managing Director Richard and employs 130 people.
He said: “Today’s admission to AIM is an important milestone for Strip Tinning and a special day in the evolution of the company.
“The business continues to go from strength to strength and has come a long way since its inception placing wire and coil for general engineering applications. We are very proud of our heritage and will continue to grow our workforce locally .
“We are now a leading supplier of specialty connectors to the automotive industry, having established long-term customer relationships with some of the most recognizable names in the automotive industry.
“Today’s admission gives us the resources to further enhance our abilities and continue our exciting journey.”