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TI Fluid Systems revives IPO plans in latest show of confidence in markets

Several companies have either joined the London market or announced they are going to over the past six weeks or so

Between them, recent AIM floats, Strix and Warehouse REIT raised the best part of £350mln

Car parts manufacturer TI Fluid Systems Limited has revived plans to list its shares, a year after it shelved its original plans because of the uncertainty caused by Brexit.

The Oxford-based firm said today it is looking to raise around €425mln from floating at least a quarter of its shares, giving it an implied market value of around €1.7bn.

That would represent a fall from the €2bn or so private equity group Bain Capital shelled out for the company back in 2015.

This time last year TI – which makes fluid carrying and delivery systems for cars – cancelled its initial public offering plans, when it had been expected to raise around €600mln.

The change of heart is the latest sign that companies are sensing a little more optimism from the markets.

Scottish housebuilder Springfield Properties is expected to start trading on AIM later this month, as is Alpha Financial Markets Consulting PLC – which expects to raise around £125mln from the listing.

They continue the recent hot streak which has seen several companies join the junior market.

Business-to-business app management firm appScatter Group PLC (LON:APPS) raised £9mln when it floated last month, while biotech Destiny Pharma plc (LON:DEST) raised £15.3mln when it listed on around the same time.

There have been a couple of biggies recently as well. Kettle controls maker Strix Group PLC (LON:KETL) raised a hefty £190mln when it joined the junior market in August, while investment group Warehouse REIT PLC convinced investors to part with £150mln at the end of August.

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