Scottish housebuilder Springfield Properties said on Monday that it has raised 拢25 mln (鈧�28 mln) in an Initial Public Offering on the AIM segment of the London Stock Exchange.
The company placed 23.5 million new shares at a price of 106 pence per share, representing just under 29% of the company's share capital.
Springfield started trading on AIM on Monday with a market cap of 拢87 mln.
Commenting on the IPO, Springfield's executive chairman Sandy Adam said that the operation 'will support an increase in the number of homes we build and create new jobs'. 'Springfield is poised to play a significant part in the delivery of the many new homes needed across Scotland.
'The Scottish Government鈥檚 aim of building 50,000 affordable homes by 2021 has created an opportunity which underpins the growth of our affordable housing business.'
Nplus1 Singer Advisory is acting as nominated adviser and broker to the group in relation to admission.
Established in Elgin in 1956, Springfield currently has a land bank of 10,453 plots, with a gross development value of 拢1.8 bn, of which 41.4% had planning permission.
The company announced plans to float in mid-September after announcing it had broken through the 拢100 mln turnover mark and completed 620 homes in the first nine months of the year.
