2nd Apr 2014 06:51
LONDON (Alliance News) - Exova, an Edinbugh-based materials and structures testing and inspection company, plans to raise GBP110 million by floating on the main market of the London Stock Exchange, the Financial Times reported Wednesday.
Exova will price its shares at 210p to 260p, the newspaper said, giving it a market capitalisation of between GBP525 million and GBP650 million. Credit Suisse, Goldman Sachs, Barclays PLC and Rothschild are leading the initial public offering.
Exova is led by Ian El-Mokadem, former managing director for UK and Ireland of Compass Group PLC. It is owned by private equity group Clayton, Dublier & Rice, which will retain a stake after the IPO, the FT said. The firm will have a 30% free float after the IPO.
Exova recorded GBP48.1 million in earnings before interest, tax and amortisation in 2013, on GBP279 million in revenue.
http://www.ft.com/cms/s/0/b1c35f66-b980-11e3-b74f-00144feabdc0.html?siteedition=uk#axzz2xhyPcm6K
By Tom Waite; [email protected]; @thomaslwaite
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Related Shares:
Compass Group