Countrywide aims for £750m valuation in its London float

City A.M. Reporter
COUNTRYWIDE is hoping to be valued at as much as £750m in its London listing this month, two sources close to the deal said.

Estate agent Countrywide has begun taking orders for the sale in a price range of 260p to 350p per share, the sources said, giving the company an overall valuation of £600m to £750m.

The offering of new shares, from which the company has said it plans to raise £200m to repay debt and grow the business, includes a 10 per cent overallotment option that allows extra stock to be sold if investor demand is high.

Its private equity owners Oaktree Capital, Apollo Global and Alchemy will not be reducing their stake, and have agreed not to sell any shares for six months after the listing is completed.

Countrywide is expected to set a final price for its shares on 19 March and make its stock market debut the following day, the sources said.

Goldman Sachs, Jefferies International and Credit Suisse are bookrunners for the listing.