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£87 million IPO of Springfield Properties plc

Singer Capital Markets acted as Nominated Adviser and Sole Broker to Springfield Properties (SPR.LN) on their IPO on AIM in October 2017 raising £25 million with a market capitalisation of £87 million on admission.

About Springfield Properties plc

Springfield Properties is a housebuilder developing a mix of private and affordable housing in Scotland.

Springfield was established in 1956, turned to house building during the 1990s and has been profitable through 60 years of trading.

When the first official Springfield office opened in Elgin in 1996 the company had already completed 124 homes in the area. Springfield has since built over 5,000 homes. The company expanded into Central Scotland in 2010 and in 2011 took on Redrow’s Scottish business in a £49m deal.

The company now employs over 520 people. It operates from two offices, Elgin and Larbert, 20 private sites and 12 affordable sites across Scotland. Springfield builds predominantly family homes for the private and affordable markets.

Key facts

£25 million

Oversubscribed Fundraise on Admission

% Share Price up

9.0% increase to first week close; 5.7% to first month close

£15 million

raised in a Secondary Placing following the IPO

The Marketing Strategy

Pre Marketing

11 relevant Institutional Organisations targeted

Institution Meetings

54 Institutions met in 45 meetings over 11 days

Shareholder Register

A high-quality shareholder register was established

Share Pricing

The shares were priced at the upper quartile of the valuation range

"Singer executed our transaction with expertise; they shaped our presentation and message, introduced us to over 50 relevant Institutions and raised the equity needed within an agreed valuation rage and timescale. Singer Capital Markets are a very professional organisation."

Sandy Adam

Chairman of Springfield Properties plc

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