Miller Homes has said it plans to float on the London Stock Exchange next month.

The housebuilder, which is based in Edinburgh, added that it seeks to raise around £140m by selling off a minimum of 40% of the firm through an initial public offering (IPO).

The move would value the company at some £450m.

It is understood the proceeds would be used to reduce debt and take advantage of future growth opportunities.

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Chris Endsor, Chief Executive of Miller Homes, said of the IPO plan: "Our distinctive focus and deep knowledge of the regions in which we operate, together with our large and well-located strategic land bank, position Miller Homes to drive strong and sustainable growth and to benefit from the continued recovery in these regional markets.

"It is an excellent time to be operating in the housebuilding sector, with demand for new housing continuing to grow supported by improving macroeconomic conditions and mortgage market and a more favourable planning environment."

(JP/CD)