London Stock Exchange welcomes Countrywide plc to the Main Market
London Stock Exchange today welcomed Countrywide plc ("Countrywide") to open its UK markets, marking the admission of its shares for unconditional trading.
As announced by Countrywide on 19 March, shares were priced at 350p each, valuing Countrywide at approximately £750 million. The initial public offering (the “Offer”) raised gross proceeds of £200 million for Countrywide.
Countrywide is the leading integrated, full service residential estate agency and property services group in the UK with market leading positions across all its core businesses.
To mark the occasion Jim Clarke, Group Chief Financial Officer of Countrywide, joined Alastair Walmsley, Director of Equity Primary Markets at London Stock Exchange Group, to open trading in London this morning.
Goldman Sachs International and Jefferies International Limited acted as Joint Sponsors, Joint Global Co-ordinators and Joint Bookrunners in relation to the Offer. Credit Suisse also acted as a Joint Global Co-ordinator and Joint Bookrunner.
Alastair Walmsley, Head of Primary Markets at London Stock Exchange Group, said:
“We are delighted to welcome Countrywide back to the Main Market following their successful IPO. Countrywide has a rich history and their return reflects the growing optimism in the property market recovery, which is great news for the UK economy, and the attractiveness of London's vibrant equity markets.”
Grenville Turner, Group Chief Executive of Countrywide, said:
“We are delighted with the success of our initial public offering and are pleased to be a part of the public markets again after a transformative journey into a quality full service proposition. We received a very positive response from investors and we look forward to life as a publicly listed company with a strong and diverse shareholder base. Our focus remains on delivering results, developing innovative and differentiated products, and capitalising on our unique proposition to benefit all shareholders.”