The prospectus was lodged with ASIC on 22 September 2025, with AIH expected to list on the ASX on 30 October 2025. The IPO is fully underwritten to the amount of A$150 million, comprising a primary issue of A$90 million and a sell down of A$60 million, giving AIH a market capitalisation of approximately A$422.3 million.
A pre-IPO restructure will be undertaken to create a new Australian 'headco' group prior to settlement of the offer.
Founded in the UK, AIH is a materials science company, specialising in the delivery of mission critical products that protect lives and high value infrastructure in some of the world's most highly regulated, safety critical environments. It has evolved from a single-site insulation business into a vertically integrated global group with 20 facilities across 13 countries and over 800 employees. The funds raised will support AIH's future M&A strategy, organic growth, and facilitate a partial selldown by existing shareholders.
MinterEllison advised on all legal aspects of the IPO and the restructure, including offer structure, prospectus, the underwriting agreement, a separate employee offer, the implementation of new governance arrangements to transition AIH to the ASX listed environment and engagement with ASIC (under its new 'fast-track' process) and ASX.
The team was led by Matthew Hibbins (Partner, M&A / Capital Markets) and Sudharshan Senathirajah (Partner, M&A / Capital Markets), with support from Josh Carfi (Senior Associate, M&A / Capital Markets), Liam Plant (Associate, M&A / Capital Markets), Olivia Gong (Associate, M&A / Capital Markets), Stephen Oude-Vrielink (Lawyer, M&A / Capital Markets), Johanna Wells (Lawyer, M&A / Capital Markets) and Ellen Cussell (Lawyer, M&A / Capital Markets). MinterEllison UK provided invaluable support on the UK aspects, led by Michael Wallin (Partner, M&A / Capital Markets).
Commenting on the transaction, Sudharshan Senathirajah, Partner, M&A / Capital Markets, said: "We're pleased to support AIH's next chapter as a listed company and assist with its future growth. This transaction reflects the growing momentum behind AIH's growth story and its emergence as a compelling new entrant to the ASX. It showcases our team's ability to deliver complex IPOs under tight timelines, while navigating changing regulatory frameworks."
Matthew Hibbins, Partner, M&A / Capital Markets, adds: "This transaction also highlights our ability to deliver seamless service for cross-border transactions and our collaborative culture and dedication to our clients to execute tight and challenging transactions in evolving market conditions."
