* Prices listing at 350 pence per share
* Values company at 750 mln stg, raises 200 mln stg
LONDON, March 19 British estate agency
Countrywide Holdings priced its initial public
offering at 350 pence per share, at the top end of its initial
range, giving it a value of 750 million pounds ($1.1 billion).
The company said on Tuesday the listing would raise 200
million pounds and that it will publish further details of the
offer on March 20 when the company makes its market debut on the
London Stock Exchange.
Countrywide, Britain's largest estate agent by revenue,
narrowed its price range for the sale to between 330 pence and
350 pence a share on Monday, from an initial 260 pence to 350
"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," Group Chief Executive Officer
Grenville Turner said.
"Countrywide will continue to focus on delivering results,
developing innovative and differentiated products and
capitalising on our unique proposition," he said.
It plans to use the cash raised to repay debt and expand
business. Countrywide's private equity owners, Oaktree Capital
, Apollo Global and Alchemy, will not be reducing
their stakes and have agreed not to sell any shares for six
months after the completion of the listing.
The listing will mark the return of Countrywide to the stock
exchange after it was taken private at the peak of the market in
2007 by the U.S. firm Apollo. Oaktree gained control in 2009
through a debt-for-equity swap.
Goldman Sachs, Jefferies International and Credit
Suisse were bookrunners for the sale.