Radiator-maker Stelrad warms up plan for £500m flotation

Stelrad, one of the UK’s biggest radiator manufacturers, is warming up plans for a London flotation that could value it at as much as £500m.

Sky News has learned that Stelrad’s owners are working with bankers at Investec on a potential initial public offering (IPO).

A listing is being considered alongside a trade or private equity sale, with Clearwater, a corporate finance adviser, overseeing those discussions.

The exploration of an IPO adds Stelrad to a list of industrial companies examining moves to go public in London in the coming months.

Other float candidates include Marley, a provider of concrete and clay-roofing tiles, while companies such as Virgin Atlantic Airways are also preparing to make their stock market debuts.


Sources said that expectations of a continued recovery in the post-COVID economy were fuelling companies’ desire to go public.

Stelrad was previously part of the same holdings company as the boiler manufacturer Ideal, but that was sold seven years ago.

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The radiator company makes products for domestic and commercial customers, and could be worth between £400m and £500m based on a surge in profits, according to analysts.

Stelrad is owned by Bregal Capital, whose investment in the business is managed by EMK Capital, another London-based investment firm.

A spokesman for Bregal’s owner, Cofra, declined to comment.