Luxfer makes strong Wall Street debut
LUXFER Holdings has raised $80m (nearly £50m) after an IPO of eight million American Depository Shares on Wall Street.
The Salford company which designs, manufactures and supplies high-performance components and gas cylinders to customers in environmental technology, healthcare technology and other industries, made a promising start to life as a public company.
Shares which were priced at $10 each -below expectations of $12-$14- rose 17% as trading began on the New York Stock Exchange.
Its products include chemicals used as catalysts in automobile engines to remove noxious gases, heat-resistant magnesium alloys used in the aerospace industry, and photo-sensitive plates used in luxury packaging and greeting cards.
Customers include 3M, Bombardier and Honeywell International.
Revenues increased 9.6% to $267.1m in the first six months of 2012, with profits rising 22% to $22m.
The company employs just over 1,600 people and operates 16 manufacturing plants in the UK, US, Canada, France, Czech Republic and China.
The proceeds of the share issue will be used to reduce group debt. Late last year Luxfer postponed its IPO citing poor market conditions.
Credit Suisse, Jefferies, KeyBanc Capital Markets and Oppenheimer & Co were joint underwriters of the IPO.
