Foxtons starts post-summer with £300m IPO

Foxtons Group, the UK estate agency, kicked off what is set to be a busy September for ECM on Tuesday when it started pre-marketing an IPO of around £300m. It hopes to seize on continued optimism around the UK property sector, after the March listing of peer Countrywide Holdings which has since traded up over 70%.

  • By Andrew Griffin
  • 27 Aug 2013

The Foxtons deal is expected to put the company's market capitalisation at around £600m and the post-deal free float at around 50%.

The UK estate agency sector — Countrywide and Savills — is trading at  around 15 times 2014 earnings, said bankers. Foxtons reported profits of £17.5m in the first half ...

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