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Nick Leslau’s Max Property wins early success as floats at 200m
AIM-quoted Max Property Group, the vehicle set up by tycoon Nick Leslau to take advantage of rock bottom property prices, saw its shares trading 30 per cent above their IPO price as they debuted yesterday, after the firm raised £200m in its share offer.
The offer price was set at 100p, but the shares were changing hands at 130p by midday yesterday.
Max Property’s shares will be fully admitted to AIM and the Channel Islands Stock Exchange on 27 May.
Max Property’s IPO is the first listing since the £600m IPO of Resolution on the London Stock Exchange’s main market in December. Management contributed £25m in cash to help kickstart the company’s investment programme, while affiliates of hedge fund group Och-Ziff committed to invest £35m.