Foxtons Stock Soars on Stock Market Debut

Estate agents Foxtons debuted on the stock market today and shares bounced 24% in the first hours of trading

Emma Wall 20 September, 2013 | 4:44PM

Foxtons (FOXT) floated on the London Stock Exchange today, valued at £649 million with a share price of 230p. But within hours of debut on the stock market the shares rose 24% to 285.5p, proving that both the investment and housing market are in rude health. 

Earlier this week, the Government sold off a slice of its ownership of Lloyds Bnkaing Group (LLOY) - taking its stake from 38.7% to 32.7%. The Government received a stake in Lloyds in October 2008 when it bailed out the failing back to the tune of £21 billion following the disastrous merger with rival bank HBOS. News of the sale caused both Lloyds shares and the FTSE 100 to bounce. 

Foxtons chief executive Michael Brown, said: "We are delighted that our initial public offering has been successfully received and there has been strong interest from investors.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
Foxtons Group PLC35.60 GBX-5.57
Lloyds Banking Group PLC28.91 GBX2.25

About Author

Emma Wall  is former Senior International Editor for Morningstar

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