Countryside sets IPO price range at between 225p and 275p

Housebuilder and urban regeneration partner Countryside Properties has set a price range of between 225p and 275p per share for its initial public offering, giving the company a value of around £1.1bn.

The Essex-based group, which announced its intention to float on 14 January with the aim of raising up to £114m, said it expects to have a free float of 30% to 50% after the listing.

Countryside said last month that it would use approximately £64m of the funds to reduce debt and the rest to accelerate growth in the development of its sites at Acton, Beaulieu, Hazel End and Rayleigh.

Chief executive officer Ian Sutcliffe said: “We have received very positive feedback since our Intention to float announcement, highlighting the strength of our differentiated housebuilding and partnerships divisions, both of which offer growth and long term value for investors.”

Sutcliffe said the company was firmly on track to deliver its target of increasing completions to 3,600 units per year in the medium term, with the plans underpinned by its “leading” land bank, strong relationships across both divisions and good political support for the UK housebuilding sector.

Countryside was a listed company traded on the LSE from 1972 until 2005, when it was acquired by Copthorn Holdings, which was a joint venture between the Cherry family and Bank of Scotland.