London Stock Exchange today welcomed Countryside Properties plc
The Main Market of London Stock Exchange today welcomed Countryside Properties plc as it commenced unconditional dealings in its shares.
Countryside is a leading UK housebuilder and regeneration partner, and operates through two complementary divisions, Housebuilding and Partnerships. The Housebuilding division develops medium to larger-scale sites, providing private and affordable housing on strategically-sourced private land, primarily around London and in the South East of England. The Partnerships division has a 30-year track record in medium to larger-scale urban regeneration of public sector land, delivering private and affordable homes and operates primarily in and around London and in the North West of England.
In its 2015 financial year, Countryside delivered 2,364 homes and increased revenue to a record £616m, up 31% on the prior year. Underlying operating profit grew 93% on 2014 to a record £91m.
Ian Sutcliffe, Group Chief Executive of Countryside said:
“I am delighted that investors have supported our growth plans, which are underpinned by our differentiated business model. Both our Housebuilding and Partnerships divisions offer excellent visibility of our growth potential and strong returns. Our listing will provide us with an even stronger balance sheet to pursue further growth and provide us with the capacity to accelerate the development of our existing sites.”
Countryside announced the pricing of its IPO and Offer of Ordinary Shares at 225 pence per share. Based on the Offer Price and the existing share capital of Countryside of 450,000,000 Ordinary Shares, the market capitalisation of Countryside will be approximately £1.031bn. J.P. Morgan Cazenove acted as Sole Sponsor, Joint Global Co-Ordinator and Joint Bookrunner, Barclays and Numis were Joint Global Co-Ordinators and Joint Bookrunners and Peel Hunt was Joint Bookrunner.