UPDATE 1-Crest Nicholson sets IPO price at 220 pence per share
LONDON Feb 13 (Reuters) - UK housebuilder Crest Nicholson set a price of 220 pence per share for its listing on the London stock market, close to the upper end of the range originally set and valuing the company at 553 million pounds ($866 million).
Crest said on Wednesday it would raise 224.9 million pounds from the offer, comprising of a primary component of 56 million pounds and 168.9 million pounds from the secondary share sales of certain existing shareholders including Varde Investment Partners and Deutsche Bank AG.
Conditional dealings will begin on the London Stock Exchange at 0800 GMT on Wednesday.
The 50-year-old firm said it would return to the stock market on Jan. 21, five years after it was taken over as a result of the market crash.
Crest, which was taken private by Scottish entrepreneur Tom Hunter and mortgage lender HBOS in May 2007, is now majority-owned by U.S. distressed investment fund Varde Partners after a series of deals last year.
The company narrowed its price range to between 210-220 pence per share on Tuesday from an original price range of 195-230 pence per share.
It also said that Barclays Capital Securities, as stabilising manager on behalf of the syndicate, had been granted an over-allotment option of just over 10 million ordinary shares, representing 10 percent of the ordinary shares in the offer.
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