Countryside unveils price range for £1.1bn IPO
What market turbulence? Housebuilder Countryside Properties has unveiled the price range for its IPO, which at the mid-range will give it a value of £1.1bn.
In a statement this morning, the company said shares will be priced between 225p and 275p, while it will issue 450m shares.
Once the IPO is complete, it's anticipated it will have a free float of between 30 per cent and 50 per cent of its issued share capital.
The company said it's hoping to raise net primary proceeds of £114m through the IPO, £64m of which will be used to reduce debt, and £50m of which will be used to accelerate growth in existing sites.
The final offer price will be decided on 12 February, Countryside added, with the first conditional dealings of shares taking place on the same day.
“We have received very positive feedback … highlighting the strength of our differentiated housebuilding and partnerships divisions, both of which offer growth and long term value for investors," said chief executive Ian Sutcliffe.
"We are firmly on track to deliver our target of increasing completions to 3,600 units per annum in the medium term, with our plans underpinned by our leading land bank, strong relationships across both divisions and good political support for the UK housebuilding sector. We look forward with confidence to the next stage of growth for Countryside as a publicly listed company.”