Countrywide to raise net proceeds of £191m from IPO

ESTATE agency Countrywide this morning said it would raise net proceeds of £191m from its IPO, after pricing its shares at 350p each yesterday.

Countrywide, the UK’s biggest by revenue, this morning said it would raise £200m gross proceeds and £191.2m after market costs from the float. This does not yet include a 10 per cent over-allotment option, which can be exercised to sell extra stock if investor demand is high.

The offer values Countrywide at £750m.

None of the existing major shareholders, including private equity firms Oaktree Capital Management, Apollo Global Management and Alchemy Special Opportunities Fund, would be selling stock.

The shares will begin trading on the London Stock Exchange later today under the ticker CWD.