TI Fluid Systems revives London listing plans: Reuters

Auto parts maker TI Fluid Systems Limited said on Monday it has revived plans to list its shares in London, a year after shelving an initial public offering (IPO) due to volatile markets in the wake of Britain’s vote to leave the European Union.

TI Fluid said it expects to raise around 425 million euros ($498.36 million) from floating at least 25 percent of its shares.

The Oxford-based company, which designs and makes automotive fluid carrying and delivery systems, was bought by private equity Bain Capital in 2015 for about $2.4 billion, including debt.

It canceled plans to list in October last year, when it had been expected to raise about 600 million euros.

The listing would be one of the biggest on the exchange this year. London IPOs in 2017 already outpace 2016, a year marked by volatility and a string of pulled listings.

TI Fluid said its revenue for the first half of 2017 stood at 1.8 billion euros, an increase of almost 9 percent from the same period in 2016.

Deutsche Bank, Goldman Sachs, JP Morgan and Citigroup are acting as joint bookrunners for the IPO.