According to NY Times, British homebuilder Countryside Properties announced last Thursday that it is planning an IPO or Initial Public Offering of its shared in London next month. Countryside Properties is majority owned by American global asset management firm known as Oaktree Capital Management. The company expects to raise about £114 million from the said IPO, according to the publication. That amount is equivalent to $165 million for 25 percent of its shared in the offering. If the plan would push through, it is expected to complete in February.
With the initial public offering Countryside would be heading back to the markets. The British homebuilder first went public in London back in. According to NY Times, Oaktree took a majority stake in the company in 2013, acquiring them from the Lloyds Banking Group. In a statement, the Countryside chairman David Howell said, "We are focused on providing attractive homes for our customers, whilst also remaining rigorous in our capital allocation and in delivering efficiencies. "Countryside has delivered a strong performance and built a solid foundation for the next stage of its development and growth in the public markets."
If everything goes well Countryside will be listing its shares in the London Stock Exchange. Paying debt and accelerate housing projects are the main reason for the IPO. It was also announced that bodies controlled by Oaktree and members of Countryside's administration, as well as employees, will sell shares in the offering, according to NY Times.
Countryside is based in Brentwood, Essex. It develops housing and suburban communities with mixed facilities, primarily, in the London area and in the southeast, the east and the northwest regions of England. The company was founded in 1958, reported revenue of £615.8 million in its 2015 fiscal year.
