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European law firm Fieldfisher has advised on the IPO of Tan Delta Systems PLC, which was admitted to trading on London's AIM Market today (18 August) with a market cap of £19 million.
The company also raised £6 million via a placing and retail offer.
Tan Delta is a Sheffield-based company that has developed a monitoring solution based on real-time oil analysis and analytics, offering equipment operators insight into the maintenance status of their equipment and thus the ability to reduce maintenance costs, improve reliability and reduce carbon footprint.
It offers four main products built around its core oil condition analysis sensor technology, all of which target primarily large commercial and industrial equipment market segments.
Tan Delta is also developing a new sensor product based on the same core technology for smaller scale, high volume applications in the light commercial, industrial and automotive segments.
The majority of Tan Delta's customers are in the UK, but the company also supplies sensors to multinational corporates across the world, building a global network of blue-chip customers and distributors, including Shell, Aggreko, Schlumberger and Wärtsilä, who operate in industries, including power generation, mining, oil and gas and shipping.
The net proceeds of the placing will enable Tan Delta to significantly expand its sales and customer base, increase production and accelerate new product development.
Fieldfisher acted for Zeus Capital in its capacity as nominated adviser and broker to Tan Delta on its IPO.
The Fieldfisher team advising Zeus was lead by Head of Equity Capital Markets Brad Isaac, assisted by Associate Francesca Lo.
Commenting on Tan Delta's successful admission to AIM, Fieldfisher Partner Brad Isaac said:
"Tan Delta's IPO is representative of the type of companies we are seeing successfully come to AIM this year – focused businesses with proven business models, solid customer bases and the capacity to grow in clearly defined sectors.
"Congratulations to Tan Delta on a successful IPO."