Shares 

Crest Nicholson is back

Crest Nicholson is back

Crest Nicholson (CRST), the housebuilder taken private six years ago is returning to the market through what will be the biggest initial public offering so far this year. Around 40 per cent of the group will be up for grabs, and the price was set at 220p a share, valuing the whole group at around £553m, still some way below the £715m paid by the original purchasers HBOS and entrepreneur Sir Tom Hunter in March 2007. Of the £225m raised, around £169m will go to existing stakeholders Deutsche Bank and US investment group Varde Investment Partners, while the balance will be used to pay down debt.

To continue reading, register today

to enjoy limited access to the following:

  • Daily trading news
  • Funds coverage
  • Features on big investment themes
  • Comprehensive companies coverage
  • Economic analysis
Register
Subscribe to Investors Chronicle

Related topics

Subscribe today

Full access for just £3.37 a week:

• Tips and recommendations - to beat the market 
• Portfolio clinic & Mr Bearbull - build a well-planned portfolio 
• Expert tools - track and manage investments effortlessly
• Plus free delivery to your home or office

Subscribe Now