TI Fluid Systems slumps after Bain Capital places 52m shares

TI Fluid Systems slumped on Friday after its largest shareholder, Bain Capital, and outgoing chief executive Bill Kozyra placed 52.4m shares in the company via an accelerated bookbuild to institutional investors.

Bain placed 52m shares through BC Omega Holdco, while Kozyra placed 400,000 shares. They were placed at 280p each, raising gross proceeds of £146.8m. The shares closed at 308p on Thursday.

Following completion of the placing, Bain Capital will hold a stake of around 44.4%, or just over 231m ordinary shares, down from 54.4%.

Goldman Sachs and Peel Hunt acted as lead bookrunners in connection with the placing.

At 0845 BST, the shares were down 6% at 289.56p.