IPO of Trackwise Designs Plc

We have advised specialist product manufacturer, Trackwise Designs Plc, on its admission to the AIM Market of the London Stock Exchange.

Trackwise is an established business, based in Tewkesbury, which manufactures specialist products using printed circuit technology. The company consists of two divisions, Radio Frequency and Improved Harness Technology.

On admission, Trackwise, based on a placing price of 105 pence per placing share, had a market capitalisation of £15.5 million, following an oversubscribed £7.0 million fundraising. £5.5 million was raised for the company and £1.5 million for the selling shareholders. Arden Partners plc acted as nominated adviser and sole broker.

Our team, led by Corporate partner Paul Cliff, included solicitor Sophie Denton and paralegal Jessica Hopkinson (Corporate), partner Paul de Vince and solicitor Charlotte Mason (Commerce, Technology & Media) and solicitor Kate Fellows (Employment).

Philip Johnston, CEO of Trackwise, said: “Becoming an AIM listed public company will provide an appropriate structure for the long-term development of the business and enable us to strengthen our team in order to sell our products on a much larger scale.”

Corporate partner Paul Cliff said: “Trackwise’s admission to AIM will enable them to further develop and seek innovative opportunities in the marketplace. I am pleased our Capital Markets team were able to help guide them through the IPO process and I wish them every success for the future.”

Trackwise is the sixth completed IPO on which the Gateley Capital Markets team has advised in the last two years.