20th Sep 2013 06:49
LONDON (Alliance News) - Foxtons Group PLC Friday priced its London listing at 230 pence per share, valuing the company at GBP649 million.
Demand for Foxton shares has been high, according to UK press reports, allowing the firm to price its stock at the higher end of the range.
The offer is expected to raise gross proceeds of approximately GBP390 million, comprising a primary component of GBP55 million and secondary sales of GBP335 million, Foxtons said.
Secondary sales will consist of a partial sell-down by Adnams BBPM Holdings Limited, an entity controlled indirectly by funds advised by BC Partners, executive directors of the company and certain other employees of the group.
Foxton shares will begin trading at 0800 BST Friday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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