17th Feb 2016 08:38
LONDON (Alliance News) - Housebuilder and regeneration company Countryside Properties PLC saw its shares rise 6.6% as it made its debut on the London Main Market on Wednesday, as Healthcare Royalty Trust PLC said it is planning to raise GBP200.0 million through a float.
Countryside shares were trading at 239.80 pence early on Wednesday, well ahead of the 225.00p initial public offering price. The IPO price had been set at the lower end of a guidance range of 225.00p to 275.00p and gave the property group a market capitalisation around GBP1.01 billion upon admission.
Countryside raised around GBP304.0 million from the IPO. The company received net proceeds of around GBP114.0 million, GBP64.0 million of which will be used to pay down debt and GBP50.0 million of which will be used to accelerate growth in the development of existing assets. Investment manager Oaktree Capital Management and other selling shareholders will receive gross proceeds of GBP174.0 million from the offer.
Separately on Wednesday, HealthCare Royalty Trust PLC said it will seek to raise around GBP200.0 million through a Main Market float in order to acquire a portfolio of healthcare royalty assets.
The closed-ended investment company, which will provide further details on its planned float later in the month, will seek to acquire the assets shortly after admission.
Jefferies International Ltd will be the sole sponsor, coordinator and bookrunner on the issue.
By Sam Unsted; [email protected]; @SamUAtAlliance
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