Bain Capital-backed TI Fluid Systems has announced its intention to float on the London Stock Exchange, 12 months after a failed IPO attempt.
The Oxford-based company is seeking to raise gross primary proceeds of €425m from the listing. Existing shareholders including Bain will also seek to reduce their stake. The company will have a free float of around 25 per cent.
This is Bain’s second attempt at an IPO for TI. In September 2016 the company announced it was seeking €600m from a float but pulled the process the following month citing adverse market conditions.
Bain acquired the company, then known as TI Automotive, in a January 2015 deal worth $2.4bn.
TI employs 28,000 people in 123 locations. Last year it reported turnover of €3.3bn and adjusted Ebit of €362.1m.
Deutsche Bank, Goldman Sachs and JP Morgan are acting as joint global co-ordinators and joint bookrunners. Citigroup, HSBC and Lazard also have roles in the IPO.