Retirement housebuilder McCarthy & Stone said to unveil IPO plans next week
UK-based developer of retirement homes, McCarthy & Stone, will reportedly unveil plans for a £1bn flotation next week, despite interest in a takeover from private equity groups.
Sky News said advisers to the company are targeting the latter half of next week to announce its intention to float on the London Stock Exchange.
Sky cited sources as saying that McCarthy, which has attracted interest from buyout firm Bridgepoint, would likely look to raise around £100m from the issue of new shares in an initial public offering, with existing investors also selling part of their holdings.
It said the numbers and timings are not yet finalised and could still change.
Last week, McCarthy & Stone reported a 40% increase in underlying pre-tax profit for the year to the end of August and said it would expand a target for land investment and building over the next four financial years.
McCarthy and its peers have been boosted by plans announced over the summer for a relaxation of planning rules to enable thousands of new homes to be built on brownfield sites across the UK.