UK housebuilder Crest Nicholson launches IPO

LONDON Mon Jan 21, 2013 2:22am EST

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LONDON Jan 21 (Reuters) - British housebuilder Crest Nicholson on Monday said it would launch an initial public offering in a bid to return to the stock market, five years after it was taken over during the housing crash.

The company said the offer would comprise new and existing shares and that the primary proceeds from the offer, around 50 million pounds ($79 million), would be used to pay outstanding borrowings.

"Crest Nicholson has a long and successful history as a public company and today we have announced our intention to return to the stock market," Chief Executive Stephen Stone said.

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