Nearly 10.5 million shares are being placed in the maker of filters for compressed air and liquids.
Of these, 8 million are being sold by the company, raising pounds 15.3m - which will repay pounds 9.9m of preference stock and almost half of its pounds 11m of debts.
The remainder are being sold by existing shareholders. In total, the shares for sale represent 32.1 per cent of the enlarged capital.
Fully diluted earnings per share of 9.3p for 1993 translate to a historic price/earnings multiple of 21.5. Taxable profits last year grew from pounds 2.8m to pounds 4.3m. Analysts expect earnings to grow to 11.8p this year, giving a prospective p/e of 17.
Brian Thompson, chairman, said the aim was to grow organically.