Simmons takes ship designer to AIM

Simmons & Simmons has advised German ship designer TGE Marine AG on its entry to AIM in one of the largest flotations on the alternative market this year.

The IPO raised £24m for the company and secured a market capitalisation of £158m for TGE, which is only the second German public company to list on AIM.

The Simmons team was led by corporate partners Tim Field and Isabella Roberts in London and Ulrich Brauer in Dusseldorf in the firm’s first instruction from TGE.

Heiko Stoll advised on tax and Daniel Winterfeldt provided US securities advice.

Field said: “We look forward to seeking to develop our relationship with TGE going forward.”

Ashurst represented the nominated advisor, Kaputhing Singer & Friedlander, through corporate partner Robert Ogilvy Watson.

The flotation raised £43.5m for the selling shareholders, including the management and UK-listed investment trust Caledonia Investments, which bought TGE from French utility Suez in 2006.

AIM has continued to attract interest from foreign companies despite seeing a drop in the total number of IPOs in the first quarter of this year.

Field added: “Quality companies can still get an audience and raise funds.”