Countrywide confirms £750 million float
We announced earlier in the year the intention of one of the UK’s largest estate agents and property services groups to float on the stock exchange, on Tuesday they announced the successful pricing of their initial public offering.
Countrywide, one of the largest conveyancers in the UK, has set the price at 350 pence per share meaning the total market capitalisation will be approximately £750 million.
This is likely to generate gross proceeds of £200 million and net proceeds of £191.2 million for Countrywide.
57,142,858 new Shares will be on offer, representing 26.7 per cent. of the 213,730,676 Shares that will be in issue at the time of Admission.
The Offer also comprises 1,144,170 existing Shares held by certain employees, representing approximately 0.5 per cent of the 213,730,676 Shares that will be in issue at the time of Admission.
Commenting on the announcement, Grenville Turner, Group Chief Executive Officer, said: “On behalf of the Board, I would like to welcome our new shareholders to Countrywide.
“We are excited to be returning to the markets as a transformed business with a strong and diverse shareholder base and will continue to focus on delivering results, developing innovative and differentiated products and capitalising on our unique proposition.”
Conditional dealing commenced yesterday with admission and commencement of unconditional dealings in shares on the London Stock Exchange scheduled for 25 March 2013.