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Ashtead Technology IPO

Numis acts as Sole Bookrunner and Nomad to Ashtead Technology Holdings plc (“Ashtead Technology”) on its AIM IPO.

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We are proud to have supported Ashtead Technology on its successful £128.9m IPO on AIM, as the company embarks on its next stage of its growth.
Our client is a leading subsea equipment rental and solutions provider for the global offshore energy sector. Ashtead Technology’s specialist equipment, advanced-technologies and support services enable its customers to understand the subsea environment and manage offshore energy production infrastructure. 
 
Ashtead Technology is well positioned in the structural high growth offshore wind market with a complementary underpin from inspection, maintenance and repair and decommissioning activities in oil and gas. For the year to 31 December 2021, the Company has said it expects to achieve no less than £52m of revenue, £21.5m of adjusted EBITDA and £12.8m of adjusted EBIT – representing growth of approximately 23%, 26% and 104% respectively compared to the prior year.

“This deal underlines our expertise in and commitment to supporting small cap IPOs and the AIM market in general. Ashtead Technology is at the forefront of the energy transition, supporting its customers to install and manage offshore wind farms and decommission end of life oil & gas subsea infrastructure. We are delighted to have been able to support such an exciting and innovative business so comprehensively.”

James Taylor Head of Investment Banking

Numis played a critical role on the IPO, leading the process and undertaking a detailed investor engagement exercise, resulting in a high-quality, long-term shareholder register to support the company on its growth ambitions as a listed business.

The total deal size equated to c. £51.6m, and consisted of a primary offering of c. £15.5m and a secondary offering of c. £36.0m. Proceeds from the primary offering will provide capacity for the company to continue its clear and focused bolt-on acquisition strategy.

“The IPO represents a significant milestone for Ashtead Technology and provides us with the right platform to execute our growth strategy. Numis’ deep understanding of the public markets and commitment to the deal was critical to the success of the IPO in a challenging market, and we look forward to working with the Numis team as we embark on life in the public markets.” 

Allan Pirie CEO, Ashtead Technology

The Numis deal team was led by Julian Cater, George Price and Jonathan Abbott.

For further information, please contact your Numis representative.

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