Urban Exposure PLC, the residential development finance and asset management group, has announced its plans to float on the London Stock Exchange’s junior market AIM on May 9.
The company is planning to raise £150mln in an initial public offering with 150mln new shares at a price of 100p each.
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On admission, housing development company will have 165.0mln shares in issue, giving it a market capitalisation of £165.0mln.
The company intends to use the net proceeds of the placing to lend to UK residential small to medium enterprise developers from the company’s balance sheet and expand asset management activities.
Urban Exposure intends to take advantage of the Urban Exposure Business’ current pipeline of about £700mln, consisting 18 advanced development loans spread across the UK.
Randeesh Sandhu, chief executive of the company, said: “The UK faces a chronic housing shortage, with only 138,650 homes currently built each year, far below the government’s 300,000 target.”
He added: “Meeting this shortfall will require an estimated £208bn of additional funding over the next ten years and Urban Exposure is well placed to help meet this demand.”
Liberum Capital is acting as nominated adviser and broker and sole bookrunner for the IPO.