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Countrywide flotation values firm at £750m

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  • 19/03/2013
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Countrywide flotation values firm at £750m
Countrywide has announced it is to float on the stock market with an initial price of 350p per share, a figure which values the firm at around £750m.

The property giant, which operates over 900 estate agency branches in the UK, is expected to raise gross proceeds of £200m based on the offer price.

Mortgage Solutions reported last month that the group plans to use the funds to pay down debts before looking to make a number of strategic acquisitions.

Countrywide expects to apply for admission to the London Stock Exchange on Wednesday 20 March. It had previously been a listed company but the group has been in private ownership since 2007.

Grenville Turner, group chief executive officer, said: “I am delighted by the very positive response we received from investors over the past few weeks which is recognition of the opportunity Countrywide has as the UK’s largest integrated property services group.

“I would like to thank all those – colleagues, partners, clients and customers – whose professionalism, effort and commitment have brought us to where we are today.

“Countrywide will continue to focus on delivering results, developing innovative and differentiated products and capitalising on our unique proposition.”

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