Kettle safety firm Strix Group successfully raised £190m for its IPO on AIM, the LSE's alternative investment market, on 8th August 2017.
The company entered the Junior Market with a price of 100p per ordinary share. The firm placed almost all of its shares as part of the IPO. Zeus Capital advised Strix Group on the float.
The company, which is based in the Isle of Man where it employs 71 people, counts Tefal, Siemans and Philips among its customer base and reportedly has a 38% market share in the global kettle safety market.
Strix is confident that a successful float will allow for full implementation of the firm's long-term developmental strategy, by both enhancing the profile of the company and by providing capital so it can focus on developing its products. Currently, Strix is famous for the technology in the kettle that detects when water has reached boiling point, ensuring the kettle automatically switches off.
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Strix Group will boast Gary Lamb as interim Non-Executive Chairman, Mark Bartlett as Chief Executive and Raudres Wong as Chief Financial Officer.
Chief Executive Mark Bartlett said of the float:
Admission to AIM will provide an appropriate structure for the long-term development of the business, raise our international profile and enables us to invest in our new product development capabilities to the benefit of our valued customers.
Strix has a robust, highly cash generative business model. We have a growing global market share and in addition to the key OEMs [original equipment manufacturers] in China, we work with a significant number of the best known brands and retailers worldwide. We look forward to becoming a public company and further growth of our business in existing and new markets.
Updated on 8th August 2017 to include details of the float