September 29, 2016 / 6:11 AM / in a year

BRIEF-TI Fluid Systems unveils IPO plan

Sept 29 (Reuters) - Ti Fluid Systems

* TI Fluid Systems limited a leading global manufacturer of automotive fluid storage, carrying and delivery systems, today announces its intention to proceed with an initial public offering

* for six months ended 30 june 2016, revenue was eur 1.6 billion and adjusted ebit was eur 185.6 million, with increases of 4.9% and 7.4%, respectively, compared to six months ended 30 june 2015

* Total gross primary proceeds receivable by company from global offer are estimated to be approximately eur 600 million.

* Company intends to use net primary proceeds it receives from global offer in order to reduce financial leverage

* Company expects to have a free float following global offer of at least 25%

* In addition, global offer will include a partial sale of shares held by funds advised by bain capital private equity, LP members of management team and other individual shareholders Source text for Eikon: Further company coverage: [ ] (Reporting By Sinead Cruise)

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