Stelrad Group confirms IPO on London Stock Exchange

LONDON, UK: Stelrad Group has confirmed its intention to proceed with an initial public offering and certain details of the Offer.

The final offer price in respect of the offer will be determined following a book-building process, with Admission currently expected to occur in early November 2021.

Trevor Harvey, Chief Executive of Stelrad, commented: “The interest we’ve received from potential investors in our business has been significant and I’m delighted to confirm our intention to float on the London Stock Exchange.

“We are well placed to pursue both organic and inorganic growth opportunities. Our extensive product offering, strong relationships with all major distributors and specifiers and the supportive market backdrop will enable us to continue to play a central role in keeping Europe warm.

“In addition, given the increasing focus on energy efficiency and desire for more environmentally friendly homes, I am tremendously excited about how our products will form a central component of the wider decarbonisation journey.”

Confirmation of Offer Details:

· Admission to listing on the premium segment of the Official List of the FCA and to trading on the main market for listed securities of the London Stock Exchange.

· The Offer will be a targeted offering to certain institutional investors in the United Kingdom and to institutional investors located elsewhere outside of the United States pursuant to Regulation S under the U.S. Securities Act of 1933, as amended.

· The Offer will comprise both (i) new Ordinary Shares, to raise gross proceeds of approximately £25 million to repay certain existing indebtedness of the Group and (ii) existing Ordinary Shares to be sold by current Stelrad shareholders.

· The Company expects to have a free float in excess of 25% of its issued share capital immediately following Admission and to be eligible for inclusion in the FTSE UK indices. It is expected that Ordinary Shares representing up to a further 15 per cent. of Ordinary Shares comprising the Offer will be made available by existing shareholders pursuant to an over-allotment option.

· Any additional details in relation to the Offer will be disclosed in the Prospectus, if and when published.

· Investec Bank plc is acting as Sponsor, Sole Global Co-Ordinator and Sole Bookrunner in relation to the Offer and Clearwater International is acting as Financial Adviser to the existing Stelrad shareholders and the Company.

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