Wogen’s specialities include some of the more esoteric elements like chromium, cobalt, indium, titanium, tungsten and vanadium. As such, the group frequently ships the metals and delivers them to customers, rather than merely buying and selling options on delivery.

The company, established for over 20 years, has four offices in China and has experienced strong growth there in recent years. In the year to last September a £6.9 million profit before tax was made on £133 million turnover. More than double this profit has been made – £14.6 million – in the first nine months of the current financial year.

The founders, led by executive deputy chairman Colin Williams, will remain involved with the business following the float. Williams will retain a 29.96 per cent stake. The placing gives the company an initial value of £54.8 million. New investors may have been attracted by the six per cent dividend the company intends to pay next year.