The Edinburgh-based firm, which tests components for customers in a wide range of sectors including aerospace, oil and gas and pharmaceuticals, is looking to raise £110m from a premium listing on the main market next month.
Around 30 per cent of the company will be up for grabs, but like Just-Eat and Polypipe which announced their own plans to float earlier this week, the offer will only be for institutional investors.
The proceeds of the offer will be used together with a new £170m facility to repay outstanding debts.
“Our clear and distinctive strategy of focusing on the provision of laboratory based testing and closely related services has enabled us to become a faster growing and more dynamic company,” said chief executive Ian El-Mokadem.
“We are now well placed to respond to increasing regulatory demands, our customers’ requirements for innovation, and growth in our end markets.”
The company, which is owned by private equity firm Clayton, Dubilier & Rice, yesterday published its full-year results, which showed a 10 per cent rise in revenues to £279m and a 15.1 per cent increase in adjusted core earnings to £48.1m.
Credit Suisse, Goldman Sachs and Barclays are joint global co-ordinators, sponsors and bookrunners on the deal. Rothschild is acting as financial adviser to Exova. The firm operates in 22 countries worldwide.