Shoosmiths advises on IPO of Tan Delta

Law firm Shoosmiths has advised on the initial public offering (IPO) of Tan Delta Systems plc (Tan Delta) whose shares were admitted to trading on AIM on 18 August with a market capitalisation of £19 million.

The IPO attracted strong support from high quality institutional shareholders, with Tan Delta raising approximately £6 million of new money via an oversubscribed placing led by Zeus Capital as nominated adviser and sole broker.

Tan Delta provides equipment monitoring technologies and solutions that use real time oil analysis to enable material reductions in maintenance costs, improve reliability and reduce carbon footprint. Tan Delta currently supplies a growing customer base of blue-chip multinationals and equipment operators.

The proceeds of the placing will enable Tan Delta to expand sales and its customer base, to increase production and invest in product development.

The deal was led by Shoosmiths equity capital markets corporate partner, Oliver Pilkington assisted by senior associate Daniela Munro. Colleagues from other Shoosmiths teams added expertise to the deal, including tax partner Dan Sharman and IP principal associate Eloise De Pasqua.

Chris Greenwood, CEO at Tan Delta, said: “We’re very proud to have achieved floatation, enabling Tan Delta to accelerate growth. We thank Shoosmiths very much for their expertise and ability to seamlessly advise from the various angles required for us to complete our IPO.”

Shoosmiths’ Oliver Pilkington said: “We are delighted to have advised Tan Delta on their IPO, a pivotal moment for the business, allowing it to grow and reach its strategic goals. With so few IPOs in London in recent months it has been a real pleasure to see such an exciting UK business successfully admitted to AIM.”

This IPO follows on from the firm recently advising Cenkos Securities and Dowgate Capital on the IPO of Onward Opportunities Limited (OOL), a Guernsey collective investment scheme.

Shoosmiths’ ECM team is a leading provider of advice to listed companies and brokers, with a deep expertise in public company offerings.


This information is for general information purposes only and does not constitute legal advice. It is recommended that specific professional advice is sought before acting on any of the information given. Please contact us for specific advice on your circumstances. © Shoosmiths LLP 2024.



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