Shares will be valued at 220p at start of trading on 18 February
Crest Nicholson will float on the stock market with shares valued at 220p, valuing the house builder at 拢553m overall.
The float will take place on 18 February and management expect the offer to raise 拢224.9m.
Crest will raise 拢56m from selling new stock while existing shareholders, including Deutsche Bank and Varde Partners, will sell 拢168.9m of stock.
The house builder said it now aimed to return to selling 2,500 units annually within three to four years.
Chief executive Steve Stone said: 鈥淲e are delighted that our initial public offering has been successful and there has been strong interest from investors.
鈥淭his is the first significant IPO of 2013, which bodes well for our industry and the wider market. Having spent 39 of our 50 years as a listed company, we look forward to re-joining the public markets.鈥�
No comments yet