October 12, 2009 / 12:12 PM / 9 years ago

CORRECTED - UK estate agent Winkworth plans AIM flotation

(Corrects to remove reference to 11 million shares in second paragraph)

* Plans to raise almost 1 million pounds via IPO

* Market cap seen at about 9 mln stg ($14.28 mln)

* Firm plans to expand in the UK

LONDON, Oct 12 (Reuters) - British estate agency Winkworth Plc said on Monday it wanted to take advantage of any UK housing recovery by raising almost 1 million pounds ($1.6 million) through a planned AIM flotation in early November.

The company said it would issue the shares at 80 pence each, which would give it a market capitalisation of about 9 million pounds. Details are yet to be finalised.

Winkworth, which focuses on mid- to upper-range homes, said on its shares admission to AIM, it expected about 76.4 percent to not be in public hands.

Winkworth has 86 franchise offices, mostly in Britain, along with operations in France and Portugal. It said there is room to increase the number of UK offices from 79 to 300.

“They feel they are in a strong position, hopefully coming out of the downturn now, to actually look around for opportunities for growth both organically through more offices, but also potentially for acquisitions if the right thing comes along,” said Tim Draper, a company spokesman.

House prices in Britain rose 1.6 percent in September, more than twice as fast as expected, mortgage lender Halifax said last week. [ID:nL6234736] (Reporting by Sharon Lindores; Editing by Victoria Bryan and Andrew Macdonald) ($1 = 0.6304 pound)

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