Polypipe has become the latest company to make its debut on the UK stockmarket, pricing its offer at 245p per share.
The company had a market capitalisation of £490m at the start of conditional dealing. There were 120m shares on offer worth a total of £294m.
Cavendish Square Partners held 23 per cent of the shares on admission, while senior management held around 10 per cent of shares.
It is expected the company will be eligible for inclusion in the FTSE UK Index Series at the quarterly review in June 2014.
David Hall, Polypipe chief executive, said:
We are delighted with the strong interest we have seen from investors in Polypipe. The success of this initial public offering demonstrates the appetite from investors to take advantage of this rare opportunity to invest in a UK manufacturing company at a time when we are seeing growth in the UK construction sector.