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Exova shares close unchanged

SHARES in Edinburgh-based Exova closed unchanged at 220p yesterday when they were admitted to unconditional dealing on the London Stock Exchange's main market.

The metals-testing business completed an initial public offering last week in which it sold £220m shares at 220p each. The 220p price gives the company a market capitalisation of £550m, making its flotation the biggest by a Scottish company for more than five years. It has recruited Allister Langlands, chairman of oil Scottish services giant Wood Group, to its board. The client base includes oil and gas firms.

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