Ian Springett

Ian Springett, chief executive of Agents' Mutual

Property website OnTheMarket looks to float

The company behind the website has announced its intention to float the business on the London Stock Exchange’s AIM market.

Hampshire-headquartered Agents' Mutual Limited, the agent-owned company behind property website OnTheMarket, is looking to float the site on the AIM market.

The company will offer a minority stake to investors as part of the IPO with OnTheMarket's entire issued share capital being admitted to trading on AIM. 

The group is hoping to raise approximately £50m of new equity capital from the listing which will be used to fund the growth of the OnTheMarket.com portal, which is already the third biggest UK residential property portal provider.

The company has engaged Zeus Capital as financial adviser and Broker to manage a proposed placing and IPO. The board, following consultation with Zeus Capital, is seeking a valuation for the company of between £200m and £250m.

Any successful IPO will be dependent on a number of factors, including a high level of support for the proposed share capital reorganisation and the new listing agreements, as well as market conditions.​

Ian Springett, chief executive of Agents' Mutual, said: "This is the beginning of a very exciting new chapter in our development. With the support of thousands of estate and lettings agents, we have rapidly established OnTheMarket.com as the third biggest player in the UK residential property portals market.

“For consumers and agents alike, we are committed to creating a genuine agent-controlled alternative challenger business and brand to the two leading incumbent portals. We believe that by raising capital from new investors we will substantially strengthen our market position.

“Agents provide the main property listings content and the main revenue sources for property portals. Our members' ownership of shares in the newly listed company will enable them to remain enfranchised, aligned and fully invested in OnTheMarket's future success."

Just two years since its launch, OnTheMarket.com is already the third biggest UK portal provider and the board believes that the proposed changes and the planned IPO provide the opportunity for a transformational step-change in the portal's position and for development of new consumer and agent products and services, new segments of the property market and new strategic partnerships.