Foxtons Group Plc , a British estate agency company, announced pricing of its initial public offering of about 169.45 million ordinary shares of one pence each at 230 pence per share. The company noted that Conditional dealings will commence on the London Stock Exchange at 8.00 a.m. today under the ticker FOXT.
Based on the Offer Price, the market capitalisation of the Company will be approximately 649 million pounds on admission.
The Offer is expected to raise gross proceeds of approximately 390 million pounds, comprising a primary component of 55 million pounds and secondary sales of 335 million pounds.
The Secondary sales will consist of a partial sell-down by Adnams BBPM Holdings Limited (an entity controlled indirectly by funds advised by BC Partners), executive directors of the Company and certain other employees of the Group.
Admission to the premium listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange and the commencement of unconditional dealings in the Shares are expected to take place at 8.00 a.m. on 25 September 2013. At Admission the Company will have 282.18 million shares in issue.
As stabilisation manager on behalf of the syndicate, Credit Suisse Securities (Europe) Limited has been granted an over-allotment option by Adnams BBPM Holdings Limited of up to 16.94 million existing Shares, representing up to 10 per cent of the Shares comprising the Offer.
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