Amcomri Group PLC on Tuesday said it aims to raise £12 million from its initial public offering on AIM in London, giving the company a market capitalisation of £39.5 million.

London-based company operates a ’buy, improve, build’ strategy for specialist engineering services and industrial manufacturing.

This makes it similar to FTSE 100 constituent Melrose Industries PLC, though Melrose currently consists only of the aerospace engineering businesses bought as part of its hostile takeover of GKN in 2018, having split off automotive engineering firm Dowlais Group PLC last year.

Amcomri currently consists of two divisions: Embedded Engineering and B2B Manufacturing. It is led by co-founders Paul McGowan as non-executive deputy chair and Hugh Whitcomb as chief executive officer.

Shares are expected to start trading on AIM on Friday. The IPO is being led by Cavendish Capital Markets Ltd as broker and nominated adviser.

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