Successful IPO of Springfield Properties with £25m fundraising
Springfield Properties raised £25 million through its initial public offering, attracting investment from funds based in London and Edinburgh. On Admission, the Company had a market capitalisation of £87 million.
The proceeds of the placing will be used to support the growth of the business – in particular, through the development of five large Village sites, which include housing as well as infrastructure and amenities such as schools, shops, restaurants and health facilities.
Sandy Adam, Executive Chairman of Springfield Properties Plus, said:
“I am delighted that we have been able to bring £25m of investment into Scotland. This will support an increase in the number of homes we build and create new jobs. The level of support shown by our new investors on our admission to AIM is gratifying. It is a real endorsement of the work our employees have put into building a strong and growing business. I would like to thank our new investors for their faith in our company and its staff.”
Singer Capital Markets is acting as Nominated Adviser and Sole Broker to the Group in relation to admission.
About Springfield Properties plc
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.
Market Cap: £87 million*
Website: Click here
*As at 20/10/2017