Property website Zoopla has been valued at a hefty £1.2bn after announcing plans to float on the London stock exchange, despite only launching as recently as 2008.
At least a quarter of the firm will be sold in the float as the company seeks to capitalise on Britain’s burgeoning housing market, although only financial institutions, estate agents and developers will be invited on board.
Proceeds from the sale will be used to launch a range of new products and services along with a move into commercial property and overseas expansion.
Chief executive Alex Chesterman commented: “With 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 for consumers and the property marketing process for professionals across the UK."
Zoopla’s last half-year earnings report came in at just over £38m from a monthly user base of 40m, drawn predominantly from estate agency fees.
Only shares held by Chesterman and the Daily Mail Group Trust will be up for grabs although the latter is expected to remain the largest shareholder at the end of the process.