Yorkshire radiator manufacturer confirms £350m flotation ahead of winter demand

The UK's leading manufacturer and distributor of household and commercial radiators has confirmed its intention to float on the stock exchange.

Stelrad employs 300 people at its UK manufacturing site in Mexborough

Stelrad, which employs 300 people at its UK manufacturing site in South Yorkshire, is a leading specialist manufacturer and distributor of steel panel radiators in the UK,

Europe and Turkey.

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From its manufacturing site in Mexborough, the firm makes a large range of standard and premium steel panel radiators, low surface temperature radiators, towel warmers, and decorative steel tubular radiators. It has more than 500 customers.

The IPO is expected to value the business at around £350m.

Stelrad, which will float on the main market of the London Stock Exchange, said that the final offer price will be determined following a book-building process, with admission expected to occur in early November.

Trevor Harvey, chief executive of Stelrad, said: “The interest we’ve received from potential investors in our business has been significant and I’m delighted to confirm our intention to float on the London Stock Exchange.

“We are well placed to pursue both organic and inorganic growth opportunities. Our extensive product offering, strong relationships with all major distributors and specifiers and the supportive market backdrop will enable us to continue to play a central role in keeping Europe warm.

“In addition, given the increasing focus on energy efficiency and desire for more environmentally friendly homes, I am tremendously excited about how our products will form a central component of the wider decarbonisation journey.”

The origins of the group date back to the 1930s and Stelrad has long established commercial relationships with many of its customers, having served each of its top five customers for over 20 years.