London Stock Exchange welcomes Exova to the Main Market

London Stock Exchange welcomes Exova to the Main Market

Wednesday 16 April 2014

London Stock Exchange today welcomed Exova Group plc to open its UK markets, signifying the admission of Exova shares to the premium listing segment of the main market. The shares were priced at 220p, valuing the Group at £550 million.

Exova, a leading provider of laboratory-based testing and related advisory services, operates primarily within the Testing segment of the Testing Inspection and Certification (“TIC”) sector. With 117 laboratories in 22 countries worldwide, the Group provides technically demanding, value-added testing for a broad range of advanced materials, components, products and systems to ensure compliance with safety, performance and quality standards. The Group’s range of accreditations, approvals and accumulated technical expertise allow it to support its customers in its chosen, highly regulated, markets.

The offer was comprised of new and existing shares. New shares issued by Exova have raised gross proceeds of approximately £220 million, and the net proceeds from the issue will be used to repay debt, including redemption of the Group’s publicly traded bonds. This will allow Exova to achieve a more efficient capital structure and continue the implementation of the Group’s growth strategy.

Ian El-Mokadem, CEO of Exova, said:

“I am delighted by the level of interest that Exova has received from the market and am very excited by our potential for future growth as a listed company. I believe we have the right people, the robust systems and technical expertise to continue to fulfil the needs of our customers.

“We are widely recognised as a leader in our chosen markets. Our clear and distinctive strategy of focusing on the provision of laboratory-based testing services has enabled us to become a faster growing and more dynamic company. We are now well placed to respond to increasing regulatory demands, customers’ innovation, and growth in our end markets.”  

Credit Suisse and Goldman Sachs acted as Joint Global Co-ordinators, Joint Sponsors and Joint Bookrunners. Barclays were Joint Bookrunners. Rothschild acted as financial adviser to Exova.