Property company Countrywide hopes to raise £200m for a debt payoff in a stock exchange float as it posts a six per cent boost to revenue.
The initial public offering of new shares is to be used to repay “certain outstanding borrowings” to help the group “achieve a more efficient capital structure.”
The announcement comes as Countrywide posted a six per cent rise in revenue in 2012 to £539.8m, up from £509.1m in 2011.
EBITDA also grew by 12 per cent to £63m, while the conveyancing and letting businesses saw the largest growth of over 10 per cent.
The main estate agency business saw revenue decrease by one per cent to £211m.
Group chief executive Grenville Turner said that in a “broadly flat” Housing market buy-to-let landlords were “a rising force” capitalizing on growing rental demand.
“We are now embarking on a new chapter in our growth plans with continued investment in key strategic areas.”
The group has a £47m cash funding position and a £25m revolving credit facility,
Mr Turner added that the market offering would enable the company to “continue our growth strategy with further investment in both distribution and quality of service.”