McCarthy & Stone’s initial public offering is set to raise gross proceeds of £90m for the company for further investment in land and construction.

The specialist retirement housing developer returns to the London Stock Exchange next week, on 11th November 2015.

The offer comprises 186,891,851 shares, equating to an offer size of £336m, representing 35% of the company’s issued share capital on admission. Based on the 180p offer price, the total market capitalisation of the company is £967m.

McCarthy & Stone previously listed on the London Stock Exchange in 1984 but was taken private in 2006 by a consortium led by Halifax Bank of Scotland (HBOS). Since the banking crisis, its ownership has been shuffled around various financial investor groups. 

The selling shareholders will receive £246m from the IPO.

Chief executive Clive Fenton said: “The level of support that our initial public offering has received is a strong endorsement of our differentiated business model and clearly-defined growth strategy. We remain on track to deliver our target of selling more than 3,000 units per annum over the medium term and our plans are underpinned by favourable demographics and the structural undersupply of specialist retirement housing.’

He added: ‘We look forward to building on our excellent recent financial track record and delivering on our strategy to the benefit of all of our new shareholders.”