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Property site Zoopla to IPO on London Stock Exchange

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Property website Zoopla has announced plans to list on the London Stock Exchange.

Britain’s second-largest property website, behind Rightmove, will sell some of the existing owners’ shares to give a free float of at least 25 percent, but won’t issue new shares.

Zoopla’s existing shareholders include founder Alex Chesterman, majority owner Daily Mail & General Trust and Countrywide.

Emma Sinclair MBE on the pros and cons of an IPO

The move follows recent listings by online groups Just Eat and AO World, as well as property agent Foxtons last year.

Hot property

Launched in 2008, Zoopla reported six-month revenue to March 31 of £38.3 million and adjusted core earnings of £18.7 million.

As well as launching more products and services, CEO Chesterman said they plan to expand into other parts of the property market, such as commercial property, with overseas expansion a possibility in the future.

alex-chestermanWith over 40 million visits per month to our websites and mobile applications, generating over two million inquiries every month for our members, Zoopla Property Group has become an indispensable link in the property search process.

IPO details

Chesterman declined to forecast how much the share sale would raise but said he expected DMGT to remain the largest shareholder.

An overallotment option of up to 15% of the total offer will be made available.

UBS said the listing could value the company at about £1.2 billion, while analysts at Liberum value DMGT’s 52.6% stake at £575 million.

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