20th Sep 2013 09:15
LONDON (Alliance News) - Foxtons Group PLC saw its share price increase 21% to 278 pence in early trading Friday, up 48 pence on its opening price, pushing the value of the firm to GBP784 million.
The notoriously pushy estate agent was floated at 230 pence, at the higher end of the range, in an initial public offering Friday, valuing the firm at GBP649 million.
The company known for its branded Mini Coopers and smartly dressed sales force hopes to raise gross proceeds of approximately GBP390 million, comprising of a primary component of GBP55 million and secondary sales of GBP335 million.
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.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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