UK's Countrywide opens 10 percent higher in market return

LONDON, March 20 Wed Mar 20, 2013 4:09am EDT

LONDON, March 20 (Reuters) - Shares in Countrywide Holdings opened 10 percent higher on Wednesday at 385 pence on its first day of trading after Britain's largest estate agency by revenue priced its listing at 350 pence per share.

The company, which sells one in every eleven homes in Britain, priced its offering at the top end of its initial range on Tuesday. It said this would raise 200 million pounds ($302 million) in gross proceeds and value the company at 750 million pounds.

Countrywide's initial price range when it unveiled plans to launch was 250 pence to 350 pence. The listing marks its return to the market after six years in private ownership and it intends to use the cash raised to pay down debt and expand the business.

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