Ian Springett, chief executive of Agents' Mutual
Agents’ Mutual, the company which owns the agent-backed property search portal, has announced its intention to list the firm on the AIM market of the London Stock Exchange.
OnTheMarket hopes to raise approximately £50m from listing on the London Stock Exchange’s AIM market, which will be used to support broad marketing campaigns through television, digital, local radio and poster and press advertising, in addition to increased PR and social media activity.
The group will also commit funds to the expansion of the group’s sales and customer relationship management organisation and its technology development capacity.
This will underpin the strategy to not only attract more estate agents and other property advertisers to use the portal but also to grow the levels of traffic and engagement with property-seekers.
As recently announced, OnTheMarket has signed long term listing agreements with leading estate agencies and property services providers, Arun Estates, Chancellors Group and Hunters Property Group plc.
The agreements are conditional upon, and will take effect from, an IPO taking place. In aggregate, the branch networks of Arun Estates, Chancellors Group and Hunters Property Group plc amount to over 350 branches.
Ian Springett, chief executive of Agents’ Mutual, said: “We have made good progress against our plans first announced earlier this year. Our demutualisation received overwhelming support from members, and more recently we have signed new long-term listing agreements with a number of leading estate agencies and property services providers.
“We are now well placed to list and raise new funds to challenge the two leading incumbent portals. We are excited about this new chapter in OnTheMarket’s development, which will strengthen our market position, and benefit our agents, investors and consumers using our services.”
Launched in January 2015, the OnTheMarket.com property portal was created by Agents’ Mutual Limited, a company limited by guarantee and founded in January 2013 by a small group of agent firms, with the objective of creating a new portal to challenge the dominance of Rightmove and Zoopla.
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