Norton Rose, Clifford Chance (CC) and Ashurst have landed key roles on the first major domestic initial public offering (IPO) of 2013, as UK housebuilder Crest Nicholson returns to the stock market.

The IPO values Crest at around £553m, with the offer comprising a primary tranche raising £59m for the company and a secondary offering raising £169m through the sale by shareholders including Deutsche Bank and investment manager Varde.

Norton Rose acted for Crest, in the firm's first corporate mandate from the housebuilder, with a team led by corporate partners Mark Lloyd Williams and Tom Vita, with support from environmental partner Caroline May, employee benefits partner Monique Frye, real estate partner David Hawkins, planning partner Nigel Hewitson and head of real estate finance Lucy Wolley Dod.

Williams (pictured) said: "Housebuilders have reported strong results this year, so it's quite an exciting time for the sector at the moment. There haven't been many IPOs over the last two years, especially UK-based offerings, so I suspect this will gain a lot of attention – everyone that has been assessing the equity market will be treating this flotation like a litmus test.

"I think the interesting thing about this particular deal is that while it had a number of the hallmarks of a private equity IPO, it didn't have the stigma of one, as the business was strong and well-known enough to counter it."

Meanwhile, CC finance partner Simon Thomas and City-based US securities partner John Connolly acted for sponsors and global co-ordinators HSBC and Barclays, as well as underwriter Numis.

Ashurst acted for Deutsche Bank with a team led by corporate partner Jonathan Parry, with support from Frankfurt corporate partner Matthias von Oppen and Brussels managing partner Carl Meyntjens, while principal shareholder Varde instructed US firm Bingham McCutchen, whose team was led by corporate partner Vance Chapman.

Other firms to have worked with Crest in the past include Freshfields Bruckhaus Deringer, which acted for the company in 2008 when it sought refinancing arrangements for over £1bn of debt.

Ashurst finance partners Dan Hamilton and Tim Rennie also advised on Crest's restructurings in 2009 and 2011 after the company went private in 2007.

The IPO marks the first major UK float since Direct Line's London listing last year, which valued the insurance company at around £3bn and handed lead roles to Allen & Overy and Slaughter and May.