Trio of floats join the main London market

Marion Dakers

A TRIO of newly-listed companies joined the main London market yesterday, having raised a total of over £700m in initial public offerings.

Cambian, Exova and Polypipe, which began conditional trading last week, had their shares admitted to the premium listing segment of the London Stock Exchange yesterday.

Cambian, which runs schools, hospitals and care homes, ended the day 1.5 per cent higher at 207.5p. Blue-chip investors including BlackRock and F&C have built stakes in the company through the listing.

Materials testing group Exova’s shares settled flat at 220p, having raised £220m in the float to give the firm a market value of £550m.

Exova boss Ian El-Mokadem 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.”

Polypipe gained 1.9 per cent to close at 263p yesterday. The manufacturer raised £294m in its stock market debut, and has a market capitalisation of almost £500m.