L enjoyed a strong stock market debut on Friday, seeing its stock rise well above its offer price in what could be seen as a vote of confidence in the housing market particularly in London where Foxtons is focused. Shrugging off some concerns that its core property market might be overheating, the shares opened 19 percent above the pence offer price - itself at the top of a targeted range between p and p - to value the company at around million pounds. Foxtons sold 60 percent of its equity to become the latest UK property-related company to float on the back of a recovering housing market, following real estate agency Countrywide CWD. L earlier this year. Both have seen their shares rise more than 50 percent since going public, but some investors said last week Foxtons was late to the party and too exposed to London. However, despite being wary of proposed further government stimulus measures, housebuilding analyst Tony Williams said London was not yet experiencing a market bubble and rising interest rates in coming years would act as a natural brake.
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The IPO comprised an offer of ,, ordinary shares of the Company, representing approximately Secondary sales consisted 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 Foxtons group.
Canaccord Genuity acted as co-lead manager. N M Rothschild acted as financial adviser to the Company. Counsel Caroline Chambers also assisted on the deal.
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UK estate agent Foxtons makes $1.2 billion stock market debut