Manufacturer’s shares jump on market debut
SHARES in Autins Group jumped 25% in the first 15 minutes this morning after the manufacturer made its debut on the Alternative Investment Market.
The car insulation business based in Rugby went public this morning valued at £37.1m.
22.1m shares were issued at 168p, although its price had risen to 210p by 8.15am.
The company raised £26.6m from institutional investors. New investors Schroders have taken a 19.7% stake, Miton will have 14.5% and Hargreave Hale will have 7.1%. Of the funds raised, £14m will be used to pay down the group’s debt and invest in new equipment.
The move comes 10 years after chief executive Jim Griffin led a management buyout. He held 30.9% and will retain 13.6% of the public company while the other co-owners Karen Holdback and Kevin Westwood are reducing their 30.9% stakes to 5.8% each. Chairman Adam Attwood is reducing his stake from 5.2% to 1.9%.
