Countryside Said Close to IPO Valuing Company at $1.4 Billion

  • The company could announce listing plans as soon as this week
  • CMC Markets may also announce an IPO as soon as this week

Countryside Properties Plc, a U.K. property developer owned by private equity firm Oaktree Capital, could announce plans for an initial public offering as early as this week, according to people familiar with the matter.

Countryside could raise about 130 million pounds ($188 million) and Oaktree will sell a portion of its holding depending on market appetite, the people said, asking not to be named because the deliberations are private. The IPO could value the company at about 1 billion pounds, they said.

Representatives for Oaktree and Countryside declined to comment.

Countryside was initially listed on the London exchange in 1972 before it was sold in 2005, according to the company’s website. Oaktree invested in the company in 2013. The company builds new homes in the suburbs of London and the southeastern part of the U.K. and works with local authorities to develop public-sector land.

Countryside will invest money raised through the IPO in estate regeneration schemes with their partnership businesses, one person said. Prime Minister David Cameron announced a new 140 million pound fund for regeneration projects this month.

CMC Markets Plc, a London-based foreign exchange and spread betting broker, may also announce its IPO as early as this week, with a valuation of about 1 billion pounds, said a person with knowledge of the matter.

“As widely reported, we have been working with Goldman Sachs and Morgan Stanley towards a possible IPO,” CMC said in an e-mailed statement. “Whether or not we decide to go ahead with an IPO depends upon a number of factors.”

CMC’s plans were previously reported by the Financial Times.

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