LONDON (Alliance News) - Countryside Properties PLC on Friday said its initial public offering on the Main Market of the London Stock Exchange was priced at the lower end of its range.
The housebuilder and regeneration company said its shares were priced at 225 pence each, at the bottom end of its previously stated 225p to 275p range, giving it a market capitalisation of approximately GBP1.01 billion. The offer comprised 135.0 million shares, equivalent to a total offer size of GBP304.0 million.
Countryside will receive net proceeds of around GBP114 million, GBP64.0 million of which will be used to pay down debt and GBP50.0 million of which will be used to accelerate growth in the development of existing assets. Investment manager Oaktree Capital Management and other selling shareholders will receive gross proceeds of GBP174.0 million from the offer.
If an over-allotment option to sell up to a further 20.3 million shares is taken up, Oaktree will raise a further GBP46 million.
Conditional dealings are expected to commence at 0800 GMT on Friday, and unconditional dealings are anticipated to begin at 0800 GMT on February 17.
"We have been extremely pleased with the investor response to our offer, in what has been a challenging period for the wider markets. Our differentiated business model, and the future growth opportunity it represents, has been well understood by investors. We now look forward to delivering our plans in both the Partnerships and Housebuilding divisions, in a positive trading environment for the sector," Chief Executive Ian Sutcliffe said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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