August 27, 2013 / 6:18 AM / 4 years ago

Foxtons files for IPO, plans to raise $86 mln in new share sale

LONDON, Aug 27 (Reuters) - Foxtons, the private equity-backed British estate agent, announced its intention to float and raise 55 million pounds ($86 million)in gross proceeds on Tuesday, as it looks to ride on Britain’s housing market recovery.

The London-focused property agent, majority owned by BC Partners, said the offer would comprise a sale of new shares to raise 55 million pounds in gross proceeds, as well as a partial share sale by a BC Partners unit. Foxton’s executive directors will also be allowed to sell shares.

Foxtons, which posted revenue of 120 million pounds and adjusted earnings before interest, tax, depreciation and amortization of 38.3 million pounds in 2012, said that 50 percent of its shares would be in free float following the listing.

It said it had appointed Credit Suisse, Canaccord Genuity and Numis Securities to to run the listing.

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