International legal practice, Osborne Clarke, has advised Liberum Capital Limited, in its capacity as nominated adviser, sole bookrunner and sole broker, on CT Automotive Group plc's £75.4 million AIM IPO and associated £33.6 million institutional placing.
CT Automotive is a UK-headquartered group that designs, develops and supplies interior components for the global automotive industry, including both kinematic units (air registers, arm rests, deployable cup holders and storage systems) and static parts (kneepads, wrapped panels and fascia finishes). The Group has an international manufacturing footprint with the majority of the production across three sites in China with additional sites in the UK, the Czech Republic and Turkey, as well as an engineering design office in India. The Group’s operating model combines Western design and engineering expertise with lower cost manufacturing capabilities to provide an integrated design through to production service.
The Company intends to use the net proceeds of the Placing to, amongst other things, reduce the Group's overall debt profile, unlocking free cash flow to fund investment in the Group's production facilities and increasing its R&D spend.
Admission and trading in the company’s ordinary shares is expected to take place on 23 December 2021.
The Osborne Clarke team that advised Liberum on the transaction was led by Partner Jonathan King, who was assisted by Associate Director Ed Nisbet and trainee Kristian Pickup.
Fieldfisher LLP, led by Dominic Gurney-Champion, advised CT Automotive.
This is the seventh successful IPO that the Osborne Clarke ECM team has advised on in 2021.
Osborne Clarke’s Corporate team, which is Band 1 ranked for Capital Markets: AIM by Chambers, is considered a go-to practice for many companies, working with global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.
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