Countryside Properties has set the price range for its initial public offering (IPO) at 225 pence to 275 pence, potentially valuing the housebuilder at £1.125 bn (€1.45 bn).
Countryside Properties has set the price range for its initial public offering (IPO) at 225 pence to 275 pence, potentially valuing the housebuilder at £1.125 bn (€1.45 bn).
The UK company, which specialises in urban regeneration, will issue 450 million shares with a free float of roughly 30 to 50% of its total issued share capital.
The move marks Countryside's return to the stock market after a decade in private hands as it capitalises on demand for new homes across Greater London.
The IPO will raise around £114 mln, of which £64 mln will be used to reduce debt and £50 mln will be used to 'accelerate growth in the development of existing sites'.
'We have received very positive feedback since our Intention to float announcement,' said Ian Sutcliffe, chief executive. 'We look forward with confidence to the next stage of growth for Countryside as a publicly listed company.'
The Essex-based firm has been in private hands since being taken over by Lloyds in 2005, then bought out by private equity firm Oaktree Capital.
