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* Reuters reported in July that IPO plan delayed after Brexit
* Co sees having free float of at least 25 pct post offer
* To use proceeds to reduce financial leverage
* IPO plans resume after volatility due to Brexit vote
* Company expects admission to trading in November (Adds IPO plan details, background)
By Noor Zainab Hussain
Sept 29 (Reuters) - Auto parts maker TI Fluid Systems said it expected to raise about 600 million euros ($673 million) in an initial public offering in London, signalling a return of IPOs that were put on the back burner because of Britain's vote to leave the European Union.
TI Fluid's stock market listing faced a delay due to volatility triggered by the leave vote, Reuters reported in July, citing people familiar with the matter.
Spain's Telefonica is also looking to list about 30 percent of its British mobile unit, O2, in what would be one of the biggest IPOs in London this year, sources told Reuters this month.
British fitness club chain Pure Gym Group (IPO-GYM.L) Group said earlier this month that it had resumed plans to list, and waste management firm Biffa Plc also said it was eyeing gross proceeds of about 270 million pounds from a listing.
TI Fluid, whose first contract was in 1922 supplying fuel lines for the iconic Ford Model T, did not clarify how many shares it would sell, or their expected price.
The company said on Thursday the offer would include a partial sale of shares held by funds advised by Bain Capital Private Equity LP, members of the management and other individual shareholders.
Bain Capital had bought the company for about $2.4 billion, including debt.
TI Fluid, which supplies to all of the world's major automakers, said it would use the net primary proceeds to reduce its financial leverage to about 2 times net debt to adjusted earnings before interest, taxes, depreciation and amortization by the end of 2016.
The Oxford-headquartered company, which reported revenue of 3.1 billion euros for 2015, said it expects to have a free float of at least 25 percent after the offer.
Deutsche Bank AG, Goldman Sachs, JP Morgan and Citigroup are acting as joint bookrunners.
HSBC Bank is the lead manager and Lazard & Co Ltd TI Fluid's financial adviser.
TI Fluid, which makes fuel tanks, pipes and pumps for cars and trucks, said it expected to start trading in November.
$1 = 0.89 euros Reporting by Noor Zainab Hussain in Bengaluru; Editing by Sunil Nair and Maju Samuel