Zeus is delighted to have acted as Nominated Adviser and Sole Broker to Tan Delta Systems plc on its Initial Public Offering (IPO) and admission to AIM, raising £6 million of EIS/VCT qualifying shares, achieving a market capitalisation of £19 million. A further £0.6 million was raised through the Placing and by a separate retail offer by PrimaryBid for a secondary sell-down of shares by existing shareholders. The oversubscribed primary raise attracted strong support from high quality institutional shareholders with significant institutional investors at IPO as follows: Amati, Gresham House, Octopus, Canaccord, Unicorn, Close Brothers and Rathbones, amongst others.
This deal represents the next phase of Tan Delta’s growth strategy as a market leading, real-time equipment monitoring and data analytics business, with proceeds from the primary raise supporting the Company’s growth and expansion plans.
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.
Chris GreenwoodCEO, Tan Delta
“An incredibly proud moment for me, not only in achieving a successful flotation but having the exciting opportunity to now drive the business through its next phase of accelerated growth. None of this would have been possible without the hard work and dedication from all of the Tan Delta team and the continuing support given to us by our early investors. Innovation continues to be alive and kicking in the UK and I hope that we can be seen as an example to budding entrepreneurs as to what can be achieved. A huge thank you to Zeus for their efforts in securing a great deal for the business and for the new investors, without their relentless efforts we would not have successfully navigated the whole IPO process. At all times Zeus remained extremely positive, guiding us throughout this journey with expertise, professionalism, and good humour. I am very much looking forward to continuing to work and grow our relationship with Zeus in the future.”
Nick SearleDirector, Sales, Zeus Capital
“We are delighted to have advised Chris and Simon and the Tan Delta team on their AIM IPO. Achieving one of the largest AIM IPOs in 2023 to date, is a great accolade. We are very much looking forward to supporting the Company on their future journey and working together to build value for all stakeholders.”
Members of the Zeus included: Nick Searle (Sales); David Foreman, James Hornigold, Ed Beddows (Investment Banking); and Robin Byde (Equity Research). Zeus will continue to advise Tan Delta as their retained Nominated Adviser and Broker.
If you would like further information, please get in touch with our team.
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