Foxtons raises price range on strong demand

David Hellier
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ADVISERS to the flotation of Foxtons, the London focused estate agency chain, have narrowed the price range for the group’s shares ahead of

the order books closing on the deal tonight.

Sources said last night that the price range, which had been between 190p and 230p has been moved up at the lower end to 220p.

A decision still needs to be taken tomorrow about whether to go for 220p or 230p. At the higher end, the company would be valued at around £650m.

Books close tonight, with pricing set for tomorrow and the shares will begin trading on Friday.

The Foxtons flotation follows a re-opening of the new issue market in London this year and the earlier flotation of rival estate agency group Countrywide.

The management has been on an investor roadshow, taking in New York and continental Europe.

US funds are believed to be on course to subscribe for around 30 per cent of the issue, an increasingly normal percentage in recent London flotations.

The group, which unusually did not instruct financial public relations advisers, is advised by Credit Suisse, Numis, Canaccord and Rothschild.