British real estate agency Foxtons said it would be raising GBP 55 million or USD 86 million in an initial public offering. Foxtons is a London-focused property firm backed by private equity companies. Its main shareholder is BC Partners. Foxtons would be offering new shares for the IPO. BC Partners would also be selling a portion of its shares in the Foxtons-unit it controls. The executive directors of Foxtons could also sell their stakes in the fundraising.
New share sales would be used by the company to completely pay back its existing debt. After its IPO scheduled in September, Foxtons would put 50% of the company's shares in free float.
Earlier this year, Countrywide Holdings was able to hold a successful IPO. The largest estate agent in Britain, Countrywide's success was largely due to government programs targeted at helping buyers acquire their own homes. The British Bankers Association reported that July posted the most number of bank-approved mortgages since the beginning of this year.
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