Countrywide has a £750m price on return to markets
Tuesday 19 March 2013
Countrywide, the UK's biggest estate agent, will be worth £750m when it returns to the public markets after an absence of almost six years, the company said.
The shares will be priced at the top of the range – 350p – after a "very positive response" from institutional investors, chief executive Grenville Turner said.
The offer will raise gross proceeds of £200m. The estate agent, which was taken private by the buyout firm Apollo for £1.1bn at the peak of the market in 2007, handles one in 11 of home sales in Britain.
Grey-market trading begins on Thursday with full trading starting next week.
The move follows builder Crest Nicholson's return to public markets in February as the Bank of England's Funding for Lending scheme boosts conditions in the market.
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