Miller Homes to float on London Stock Exchange
Edinburgh-based Miller Homes is planning a flotation on the London Stock Exchange, the company said.
The house-builder, one of many businesses thought to have been waiting for the outcome of the Scottish referendum before announcing its initial public offering (IPO), aims to raise £140m to increase operational flexibility and reduce debt.
A minimum of 40% of Miller's issued share capital are expected to be available in the free float following the offer.
Chief executive Chris Endsor said: “It is an excellent time to be operating in the house-building sector, with demand for new housing continuing to grow supported by improving macroeconomic conditions and the mortgage market and a more favourable planning environment."
“We are proud of what we have achieved so far and look forward to developing our business and creating value for our new stakeholders as a publicly listed company.”
In 2011, Blackstone Group bought 55% of Miller, while the group sold its construction division to Galliford Try for £16.6m in June 2014.
Miller lost £152m in 2010 and £86.6m in 2011. It returned to profit in 2012, making £6.6m before tax, and £10.4m profit before tax in 2013.