LUXFER Holdings, a speciality materials group, saw its shares rise on their first day of trading on the New York Stock Exchange yesterday, reaching 17 per cent above the offer price by mid-afternoon.
The group is being brought to the US market by Jefferies, which recently led the successful flotation of Manchester United in the US, and Credit Suisse.
Luxfer previously attempted an offering in December 2011 but withdrew it, citing poor market conditions. Yesterday’s share listing involved the sale of 8m shares at $10 each. The company and its shareholders raised $80m (£49.7m).
Luxfer is owned by a group of private investors, mainly hedge funds, including Stonehill Capital Management, Marathon Asset Management and Barclays.
The group, which has 18 plants around the world, was founded in 1996. It has 46 per cent of its sales coming from the US and it booked $534m in sales for the 12 months ended 30 June, 2012,
Sources said a US listing was recommended because it gave access to a wider investment base than it could have attracted in London. It follows a recent US listing for the UK vacuum technology group Edwards.