Countrywide's IPO pricing at top of range

The IPO will be priced at 350p per share, giving the business a market capitalisation of £750m. Countrywide expects to raise £200m when it makes its market debut tomorrow.

Countrywide had initially put forward a price range of 260-350p but demand has pushed the IPO pricing to the top end.

The UK estate agency was acquired by Apollo in 2007 in a £1.1bn take-private; though following the financial crisis a debt-for-equity swap in 2009 saw Oaktree Capital and Alchemy become majority equity holders.

The private equity backers will reduce their stakes as part of the IPO and are locked in for a further six months.

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• Topics
• Exits
• Consumer
• UK / Ireland
• IPO
• Apollo Management
• Oaktree Capital
• Alchemy Partners LLP