Skip to main content

Clifford Chance

Clifford Chance

News and awards

Clifford Chance advises on £550m Crest Nicholson IPO

20 March 2013

Clifford Chance advises on £550m Crest Nicholson IPO

Clifford Chance has advised Barclays and HSBC, as joint sponsors, joint global coordinators and joint bookrunners, and Numis as lead manager, in connection with housebuilder Crest Nicholson Holdings plc's successful IPO and Premium Listing.

The transaction, the biggest IPO in the London market since Direct Line in October 2012, sees the company return to the public markets after being taken over by its lender in 2009 in the wake of the credit crisis. Gross proceeds raised were £247m, valuing the company at approximately £553m.

Equity capital markets partner Simon Thomas comments: "This successful IPO comes at a time of increasing optimism in the market, with successful IPOs for MegaFon and Kcell in December 2012 and Phoenix's placing and open offer in January 2013. Demand from investors was strong, demonstrating a healthy appetite for equities with the right pricing and fundamentals so we are cautiously optimistic that the year ahead will be a good one for the London market."

Clifford Chance has recently advised on number of high profile London equity markets transactions, including advising Teliasonera in connection with the US$ 525 million IPO, London GDR listing and Kazakh share listing of Kazakh mobile phone operator Kcell and also acting for the underwriters of Phoenix Group Holdings's £250 million placing and open offer.

The Clifford Chance team was led by ECM partner Simon Thomas, working with US securities partner John Connolly.