Exova float values testing firm at £550m

Materials testing firm Exova priced its shares at 220p today as it made its market debut, valuing the Edinburgh-based company at £550 million.

The float of a 40 per cent stake in the business has raised about £110 million for selling shareholders, including senior management and private equity backer Clayton, Dubilier & Rice LLC, with a further £110m going to the company.

Conditional trading in Exova shares kicked off today, with unconditional trading expected to begin on Wednesday.

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Chief executive Ian El-Mokadem said: “As we join the London Stock Exchange, we very much look forward to life as a public company and to continuing to develop our global footprint and reputation for excellence over the coming years and delivering excellent service to our customers.”

Exova is Scotland’s first flotation on London’s main market since Energy Assets, the Livingston-based gas meter supplier, raised £15m when it listed in March 2012.

Polypipe, a maker of plastic piping products, also joined the London market this morning when it priced its shares at 245p, valuing the Doncaster-based firm at about £294m.