Auto parts maker TI Fluid Systems Ltd. is now listing its shares on the London Stock Exchange 12 months after the company shelved its initial public offering due to volatile market conditions.
The company is listed on the London Stock Exchange under the ticker TIFS and began trading today at 2.55 pounds ($3.37) per share.
TI Fluid Systems, which has headquarters in Oxford, England, and a corporate office in Auburn Hills, Mich., postponed the IPO in October 2016 after Britain's vote to leave the European Union.
The company, owned by Bain Capital Private Equity LP, is floating 25 percent of its shares and expects to raise approximately 425 million euros ($502 million) from the listing.
"Since we first considered an IPO of the group last year, the group has had continued strong business performance reinforcing the attractiveness of the markets we operate in and our position as the leading global automotive supplier in fluid handling systems," William Kozyra, president and CEO of the group, said in a statement.
TI Fluid Systems makes light-duty automotive fluid storage, carrying and delivery systems, including blow molded fuel tanks, fuel lines, pump modules and other components designed to meet mandated fuel economy and emissions control requirements.
For fiscal 2016, the company generated sales of 3.3 billion euros ($3.9 billion). During the first half of 2017, sales were 1.8 billion euros ($2.1 billion). The company has manufacturing facilities in 123 locations across 29 countries and roughly 28,000 employees.
Joint coordinators for the IPO include Deutsche Bank AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. Citigroup Inc. will act as a joint bookrunner.