Manx firm's CEO opens stock exchange
Isle of Man firm Strix will be floated on the UK stock market today, valued at £190 million.
The company, which designs and manufactures kettle thermostats, will be launched on the Alternative Investment Market, London's junior stock exchange, by Chief Executive Mark Bartlett.
The move, eyed positively by investors - will raise the company's profile around the world, and funnel capital for future growth.
Strix was established 66 years ago as Castletown Thermostats.
Mr Bartlett will open the AIM at 8am in a balcony ceremony offered to popular new entrants.
Strix shares will flash on digital screens around the exchange as trading begins - the proceeds of the placing providing an exit for current investors AAC Capital Partners.
Headquartered in the Isle of Man with an office in Hong Kong, Strix has a global market share in kettle safety controls of around 40%.
Revenue grew to £88.7 million last year, generating a pre-tax profit of £22m. The firm which has recently developed other devices, is now poised to expand into China and other fast-growing economies.
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