Melrose, a FTSE 100 firm, will retain ownership of GKN Aerospace. The plan for the demerger was overwhelmingly approved at a shareholder meeting on 30 March.

Dowlais shares will start trading on 20 April. Following the demerger and its admission, Investec will act as corporate broker to Dowlais and joint corporate broker to Melrose.

Investec has worked with Melrose for 20 years, listing the group in 2003 and supporting its major corporate actions since then, including the £8bn takeover of GKN in 2018.

Carlton Nelson, Head of Corporate Broking and PLC Advisory at Investec, said: “Dowlais is a world-class group with market leading positions, strong margin trajectory and attractive cash conversion. We look forward to helping the group grow as an independently listed company for years to come. We have a long-standing relationship with Melrose and are very pleased to have supported it on another exciting transaction.”