Housebuilder Crest Nicholson said this morning it would launch an IPO in a bid to return to the stock market five years after it was taken over during the housing crisis.
Crest Nicholson, which primarily operates in the South of England, said the offer would comprise new and existing shares. The primary proceeds of the offer, slated to be around £50m, will be used to repay outstanding borrowings.
Stephen Stone, chief executive of Crest Nicholson, said that the company had a “long and successful history” as a public company.
“We have a robust balance sheet, a valuable land bank, and a management team that has experienced the best and worst of the housebuilding cycle,” he added.
“The housing market is entering a period of gradual recovery and with our emphasis on the South of England, including London, and the continued support for the new homes market from government, we are well positioned to generate value for shareholders."
The property group said that the offer should complete in February.
Barclays and HSBC are acting as joint sponsors, joint global co-ordinators and joint bookrunners in relation to the offer. Numis is acting as lead manager while Lazard is the financial adviser.