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CT Automotive PLC makes quick start on first day of dealings

The group has chosen an interesting time to float, what with the car industry suffering component shortages

CT Automotive Group PLC (AIM:CTA) roared off the starting grid on Thursday, with the shares rising 13p to 160p on the first day of trading.

The designer and supplier of dashboard panels raised £33.6mln in its flotation, placing shares at 147p a pop.

Although it has its headquarters in the UK, CT has production facilities in Shenzhen and Ganzhou in China, as well as factories in Turkey, the Czech Republic and the UK.

The company currently supplies component part types to more than 45 different models for 17 original equipment manufacturers (OEMs) and delivered more than four million systems in 2020.

Since its formation, the company has been the only significant new entrant into the market, which is characterised by high barriers to entry, CT Automotive noted.

“As one of the few trusted manufacturers of interior car parts for some of the world’s biggest automotive brands we have long-term agreements in place and are well placed to benefit as automotive production volumes recover. Our IPO enables us to invest further in the growth of the business, and we are excited by the opportunities ahead,” said Simon Phillips, the founder and chairman of CT Automotive.

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2021-12-23 05:52:00

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