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Highlights
- Mechanical parts firm Rubix plans to raise EUR 850 million from new and also potentially from existing shares.
- Rubix is expected to be the largest industrial sector IPO in close to a decade.
- The company is expected to have a free float of at least 25 per cent on listing and expects to become eligible for one of the FTSE UK indices.
UK based multinational industrial parts company Rubix, on 14 October unveiled its plans of an initial public offering (IPO) on the London Stock Exchange (LSE).
The company is owned by private equity firm Advent. The news came as a surprise when several companies have paused their listing plans amid market volatility and uncertainty.
Rubix’s IPO highlights
The company is planning to raise around EUR 850 million from new shares and possibly existing shares as well.
The company is expected to have a free float of at least 25 per cent on listing and expects to become eligible for one of the FTSE UK indices. Rubix also plans to make a further 15 per cent of public float available in case of over-allotment of shares.
The Rubix IPO is expected to be the biggest in the industrial and service support sector in almost a decade. The previous major industrial listing was when Royal Mail (LON:RMG) was admitted to the LSE in 2013.
US based investment banks Goldman Sachs, Morgan Stanley and UK banking major Barclays have been appointed as the joint global coordinators for the listing transaction, should it proceed.
Also, French financial services firm BNP Paribas and US investment bank Jefferies International have been hired as the joint bookrunners for the deal. And, UK legacy financial services firm Rothschild & Co has been hired as the financial adviser.
Rubix, which was previously known as Brammer, had left the stock market 5 years ago. Advent had subsequently acquired Brammer for US$ 220 million in 2016. The company was earlier estimated to have a market valuation of around £2.5 billion.
The company’s revenues stood at EUR 2.4 billion, and its earnings before interest, tax, depreciation and amortisation (EBITDA) was at EUR 221 million in FY 2021, for the 12-month period ending in June. Thus, making it a leader in the spare parts sector in Europe.
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Rubix’s future plans
The company’s CEO Martin Thomsen stated he had identified 346 companies with revenues totalling EUR 16.3 billion, which the company could buy.
The ambitious goal comes as Rubix has a history of making 14 small bolt-on deals and about 3 to 5 larger sized companies averaging EUR 30 million every year.
Mr. Thomsen said that Rubix was the consolidator of choice for the expanding and fragmented market. He added that due to this, it made Rubix’s opportunities more exciting, particularly given the backdrop of the ever-increasing importance of supply chain security and integrity.
The move of the company comes after some upcoming IPO’s held off on their listing plans amidst the uneven macroeconomic scenario. Roofing firm Marley Group had earlier announced its plans to go public, but this week stated it has delayed its listing plans.
