Crest IPO to raise up to £254m

Crest Nicholson, the housebuilder, began bookbuilding on an up to £254m IPO on Thursday in a deal that bankers hope will give the UK new listings market a boost. Unusually, though, there was no press release to announce the price range and offer details with joint bookrunners Barclays and HSBC, and lead manager Numis, going directly to investors.