Wednesday, December 1, 2021

News: Stelrad welcomed to London Stock Exchange


Stelrad, the UK's leading manufacturer of stylish modern radiators, has been welcomed to the London Stock Exchange following a successful initial public offering (IPO).

Registered in Newcastle, it now operates from facilities in both Nuth, in The Netherlands, and in Mexborough. The Rotherham site handles the UK radiators business, coordinating an advanced production and distribution operation that spans a 17 acre site which is the largest radiator storage facility in the UK.

The IPO valued the business at €320m (£274m) and sees Stelrad shares trade on the Main Market of the London Stock Exchange under the ticker symbol SRAD.

The origins of the Group date back to the 1930s and Stelrad enjoys long established commercial relationships with many of its customers, having served each of its top five customers for over twenty years.

The Group operates across six core geographies: UK, Benelux, Germany, France, Turkey and Poland and collectively, the total addressable market across these geographies has an estimated value of £1,100 million, and equates to approximately 24.4 million radiators.

Following its admission to the Main Market of the London Stock Exchange, Stelrad Group PLC’s focus remains on exploiting the breadth of organic and inorganic growth opportunities on offer, continuing to focus on further improving our extensive product offering and the strong relationships it has with major distributors and specifiers.

Trevor Harvey, Chief Executive of Stelrad, said: "We are thrilled that Stelrad’s unique business proposition has resonated so strongly with investors, and are delighted to have received such a high level of demand for the Placing.

"Our successful growth strategy has been built upon a combination of standardised product design across all our manufacturing facilities, a key focus on specifiers across all of our end-markets and continued range innovation, alongside our multi-brand strategy that enables products and brands to be tailored to specific channels. As a result, we are the number one steel panel radiator business in a number of the markets where we operate.

"The listing of Stelrad on the Main Market of the London Stock exchange reflects not only the success that we have enjoyed to date but also our confidence in our ability to deliver further upside as part of our growth plan as we continue to play a leading role in keeping Europe warm.”

Michael Loudon, Partner at Clearwater International, the firm that advised Stelrad on the IPO, added: "The Group is well positioned to pursue growth both organically and through acquisitions, having already established itself as a leader in radiator manufacturing and distribution. Its broader role in driving energy efficiency and creating environmentally friendly homes increases its attractiveness in the market and we are confident of Stelrad’s continued success in the future."

Stelrad website

Images: Stelrad


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