IPO values Foxtons at £649m

Strong investor appetite for the estate agent saw shares being traded at 230 pence each – the upper end of its original 190 to 230 pence per share range. 

BC has put 66% of the company on the London Stock Exchange by exercising its over allotment option, and, at the time of writing, shares had risen by 22% to 280 pence. The share issue comprised a primary offering of £55m to pay down Foxtons' debt and a further £390m's worth of secondary sales by shareholders, directors and employees.

The listing sees BC's stake in the property group reduced from 75% to 28.3%.

BC recently hired Credit Suisse, Numis Securities and Canaccord Genuity to handle the flotation, with Credit Suisse and Numis acting as joint bookrunners. NM Rothschild & Sons is believed to be acting as financial adviser.

The Foxtons IPO follows a partial exit by the private equity backers of Foxtons' listed rival Countrywide. Oaktree Capital Management and Apollo Management netted approximately £200m from a shares sale earlier this month.

Previous investment
BC initially acquired Foxtons in May 2007, for an undisclosed value believed to be somewhere in the region of £390m. In January 2010, creditors Bank of America Merrill Lynch and Mizuho Financial Group took control of a 55% stake in the company following the restructuring of Foxtons' debt. The restructuring saw BC's stake reduced to 30%, according to unquote" data.

However, in March last year BC acquired the two banks' 55% shareholding in the company for somewhere between £55-75m, upping its stake to 85%.

Company
Foxtons was founded in 1981 and is headquartered in Chiswick. The company recorded turnover of £120m in 2012, as well as an EBITDA of £38.3m.

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• UK / Ireland
• BC Partners
• Oaktree Capital
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