London Stock Exchange welcomes Crest Nicholson to the Main Market
Monday 18th April 2013
London Stock Exchange today welcomed Crest Nicholson Holdings plc ("Crest Nicholson") to open its UK markets, marking the admission of its shares for unconditional trading.
Crest Nicholson is the first trading company this year to successfully launch an initial public offering on the Main Market. The Company’s shares were priced at 220p each, valuing the company at £553.1million. The primary offering raised £56.0 million.
Crest Nicholson is a leading residential developer operating in the Southern half of England, with an emphasis on creating well designed homes in sustainable communities. Crest Nicholson has established its brand over nearly 50 years and has a history of 39 years on the Official List, previously trading on the London Stock Exchange’s main market between 1968 and 2007.
Barclays Bank PLC and HSBC Bank plc acted as Joint Sponsors, Joint Global Co-ordinators and Joint Bookrunners in relation to the Offer. Numis Securities Limited acted as Lead Manager and Lazard & Co., Limited acted as Financial Adviser to the Company.
To mark the occasion Stephen Stone, CEO of Crest Nicholson joined Marcus Stuttard, Head of UK Primary Markets at London Stock Exchange Group, to open trading in London this morning.
Alastair Walmsley, Director of Equity Primary Markets at London Stock Exchange Group, said:
“We are privileged to welcome Crest Nicholson back to our main market following their successful IPO. They have a long and distinguished history as a public company and their return reflects the growing optimism in the continuing economic recovery. The pipeline of companies looking to list on our markets highlights that London remains very much open for business and that there is appetite among investors for companies with strong fundamentals and growth prospects.”
Stephen Stone, CEO of Crest Nicholson, said:
“We are delighted that our initial public offering has been a success and are pleased to be a part of the public markets again having spent 39 of our 50 years as a listed company. Our listing is the first significant IPO of 2013, and the positive response we have received from the investment community is good news for our industry and the wider market.”