DWF has advised GTS Chemical Holdings plc (GTS), the speciality chemicals producer and largest Chinese manufacturer of ammonium sulfite, on its £36.83million AIM IPO and £3million fundraising. The admission to AIM is the fourth IPO on which DWF has advised in the last five months.

GTS is the holding company of Shandong Tiantai Steel-Plastic Co., Ltd and the group’s business utilises waste products from the fertilising and coking industries to manufacture speciality chemicals, the uses of which include the sustainable manufacture of paper.

Leading the deal for DWF, managing director of DWF’s China practice, Chong Cao, commented: “The GTS group is China’s largest manufacturer of ammonium sulfite and, since production began in 2007, has become a well-established, profitable and fast growing business. This deal provides a strong platform for future long-term growth opportunities and will enable the GTS group to further meet client needs.”

Chong Cao was supported by a national corporate team including partner Christian Lowis, associate Kirsty Smith and Joseph Hui.

Head of DWF’s equity capital markets team, Daniel O’Gorman, said: “We are delighted that Chong and his team were able to advise GTS on its admission to AIM. Following the Main Market IPOs of Custodian REIT plc and Clipper Logistics plc and the AIM IPO of Epwin Group plc, this deal is the fourth IPO on which DWF’s equity capital markets team has advised in the last five months.”

Mr Cheng Liu, CEO of GTS Chemical Holdings plc, commented: “In producing chemicals from waste we generate cost savings and environmental benefits, which are important to securing a more sustainable future for China. Our IPO marks the start of the next major phase of development for GTS and it will enable the company to broaden our investor base and assist in raising funds to expand our production facilities.”

Nominated adviser and broker to GTS was SP Angel Corporate Finance LLP. Norton Rose Fulbright (Andrew Phillips) advised SP Angel Corporate Finance. Chinese legal advice to GTS was provided by Beijing Da Cheng Law Offices.