Private equity-backed British estate agency Countrywide Holdings is to offer its shares for a price of 350p per share at its upcoming London IPO, which would raise £200m and value it at £750m.
That is at the top of the 330p to 350p range which was reported yesterday.
Countrywide, which is backed by buyout firm Oaktree Capital Management, said it will release the details of the IPO on March 20.
The company plans to use the fresh funds to reduce its £250m debt pile and refinance a £100m facility as well as expand the business.
Oaktree invested in Countywide in February 2009, taking over from US buyout group Apollo Global Management, which acquired the company for $1bn in 2007.
The deal saw Countrywide’s debt burden cut significantly and the distressed specialist invest a further £110m for a 50 per cent stake.
Earlier in 2013 AltAssets reported that Oaktree was targeting $3bn for its latest mid-market vehicle aimed at making control investments in troubled companies.
In February Oaktree and TPG backed housebuilder Taylor Morrison doubled the target for its upcoming IPO to $500m amid a resurgent housing market in the US.
Copyright © 2013 AltAssets