Shares in Foxtons soared at the start of trading today.
The offer price had been set at 230p a share, which valued the firm at £650m, but the price leapt to around 280p in the first half hour of frentic trading as more than 44 million shares changed hands.
Demand has been so intense on the back of London’s property boom that, according to The Times, seven buyers were fighting for every new share before the order book closed.
It is understood that Americans have subscribed to one-third of the issue.
Michael Brown, chief executive officer of Foxtons Group plc, said: "We are delighted that our initial public offering has been successfully received and there has been strong interest from investors.
"We welcome our new shareholders to Foxtons and we are looking forward to the next stage in the development of the business as a listed company."
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Comments
Haha well done foxtons. Hope the 20 branches you have just opened start making some money quickly!!