BC Partners Said to Plan August IPO for FoxtonsKiel Porter
BC Partners Ltd., a London-based private equity firm, is preparing to sell shares in real estate broker Foxtons Ltd. in August, a month earlier than initially planned, according to two people with knowledge of the matter.
BC Partners may raise as much as 400 million pounds ($617 million) in the London initial public offering, said the people, who asked not to be identified because the talks are private.
The private equity firm bought Foxtons, which was founded by Jon Hunt in 1981, for about 390 million pounds in May 2007. BC Partners hired Credit Suisse Group AG, Numis Securities Ltd. and Canaccord Genuity Ltd. in June to arrange the IPO, which was originally slated for September.
By holding its sale a month earlier, Foxtons will be seeking money from investors before companies such as Royal Mail Group Ltd. and Wizz Air Ltd., Eastern Europe’s largest budget carrier, that are preparing September IPOs.
Officials at BC Partners declined to comment, and a spokesman for Foxtons didn’t immediately respond to telephone requests seeking comment. The news was reported earlier by Financial News.