Tanfield jumps on Smith Electric IPO

Tanfield, the AIM-listed aerial work platform maker, roared higher on Thursday afternoon after it was announced that US firm Smith Electric Vehicles Corp - in which it holds a 27.22% stake - has filed for a $125m initial public offering (IPO) on Wall Street.In a brief statement, Tanfield flagged Smith's filing to the Securities and Exchange Commission and said that the IPO may include the partial sale by Tanfield of its current Smith shareholding."The shares of common stock to be sold in the offering are proposed to be sold by Smith and by certain of its stockholders, including Tanfield."Shares in Tanfield had jumped 30.72% higher to 50p by 16:21.BC