Oh, when the floats come steaming in: Kettle safety firm plots £190m IPO

A kettle safety company is planning to steam on to the London Stock Exchange with a £190m float.

Isle of Man-headquartered Strix Group is aiming to be admitted on to the junior Alternative Investment Market (Aim) on 8 August.

The company, which claims to dominate 38 per cent of the global kettle safety control market, is planning to float with a share price of 100p.

Strix is aiming to place all of its shares as part of an initial public offering (IPO) valuing the company at £190m.

The company, which is being advised by Zeus Capital, is a manufacturer and supplier of kettle safety controls and other water temperature management components.

Chief executive Mark Bartlett said: “Admission to Aim will provide an appropriate structure for the long term development of the business, raise our international profile and enables us to invest in our new product development capabilities to the benefit of our valued customers.

Strix has a robust, highly cash generative business model. We have a growing global market share and in addition to the key OEMs [original equipment manufacturers] in China, we work with a significant number of the best known brands and retailers worldwide.

We look forward to becoming a public company and further growth of our business in existing and new markets.

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