Countryside valued at £1bn in IPO

Housebuilder and urban regeneration partner Countryside Properties listed on the stock market at 225p per share, which was at the lower end of its previously stated range and gives it a value of around £1.01bn.

Countryside said the offer comprises 135m shares, equating to an offer size of £304m and representing 30% of the group’s share capital on admission.

The Essex-based group will receive net proceeds of approximately £114m, £64m of which will be used to reduce debt and the rest to accelerate growth in the development of its sites at Acton, Beaulieu, Hazel End and Rayleigh.

Conditional dealings in the shares have begun on the London Stock Exchange, while unconditional dealings are expected to being on 17 February.

Chief executive Ian Sutcliffe said: “We have been extremely pleased with the investor response to our offer, in what has been a challenging period for the wider markets.

“Our differentiated business model, and the future growth opportunity it represents, has been well understood by investors. We now look forward to delivering our plans in both the Partnerships and Housebuilding divisions, in a positive trading environment for the 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.