11th Nov 2015 10:02
LONDON (Alliance News) - Shares in retirement housebuilder McCarthy & Stone PLC continued to trade well above their initial public offering price as unconditional dealings in the shares started on Wednesday.
The company issued 186.9 million shares at an offer price of 180.00 pence per share, giving the offering a total value of GBP336.0 million and raising gross proceeds of GBP90.0 million for the company. On Wednesday morning, the shares were trading at 207.00 pence, giving the company a market capitalisation in excess of GBP1 billion.
The group specialises in building retirement homes and flats and is estimated to be responsible for around two-thirds of the retirement housing stock built in the UK each year.
It expects to be eligible for inclusion in the FTSE quarterly index review in March 2016 and will likely be admitted to the FTSE 250 if its market capitalisation remains around the current level.
By Sam Unsted; [email protected]; @SamUAtAlliance
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