UPDATE 1-Countrywide to raise $289 mln after costs from float
LONDON, March 20
LONDON, March 20 (Reuters) - British estate agency Countrywide Holdings said it would raise 191 million pounds ($289 million) after costs from its market flotation on Wednesday, after it priced its shares at 350 pence per share.
The company, which sells one in eleven homes in Britain, priced its listing at the top end of its initial range on Tuesday, valuing the company at 750 million pounds.
It said the offer would raise gross proceeds of 200 million pounds and net proceeds of 191.2 million pounds from the sale of new stock. This does not yet include a 10 percent over-allotment option, which can be exercised to sell extra stock if investor demand is high.
None of its private equity owners, Oaktree Capital, Apollo Global and Alchemy, or directors will be selling stock.
Countrywide said that 38.5 percent of the company's issued ordinary share capital will be in public hands following its admission to the market if no over-allotment shares are issued.
The listing later on Wednesday marks Countrywide's return to the stock market after six years under private ownership.