Urban regeneration specialist developer Countryside Properties has put a £1.1bn price range on its looming IPO.
The Essex-based firm, which was on the stock market a decade ago before being bought out by Lloyds Bank in 2005, and then by private equity outfit Oaktree Capital, is aiming for a free float of between 30% and 50% of its issues share capital, with a plan to raise around £114m (£64m to reduce debt and £50m to put into existing development sites).
The final offer price will be confirmed on February 12, when the first conditional dealings of shares kick off.
Countryside saw its profits jump by 93% last year, following a merger with Millgate at the back-end of 2014.
Ian Sutcliffe, Group Chief Executive Officer at Countryside: “We have received very positive feedback since our Intention to Float announcement, highlighting the strength of our differentiated Housebuilding and Partnerships divisions, both of which offer growth and long term value for investors. 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.”
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