Ian Springett

Ian Springett, chief executive of Agents' Mutual

OnTheMarket raises £30m from IPO

The estate agent-backed property search portal is now set to start trading on the London Stock Exchange’s AIM market.

OnTheMarket has raised £30m ahead of its stock market floatation next month, valuing the company at £100m.

The owners of the site announced their plans to float the company last month however they initially hoped to raise £50m.

The company will now start trading on the AIM market as of 9 February, when it will offload shares at 165p per share.

It will use the funding to launch new marketing campaigns, as well as to expand group sales, customer relations and tech development.

Ian Springett, CEO, said: “We believe that the new capital, together with our ongoing revenues, will support our strategy to build a strong agent-backed challenger to the incumbent portals.

“We intend rapidly to extend our customer base of estate and lettings agents, remaining committed to our core principles of offering sustainably fair prices for property advertisers and creating a premier search service for the most active property-seekers.

“The IPO will enable us to implement our marketing plans to build brand awareness and portal usage as well as to invest to scale up the supporting organisation and infrastructure to the benefit of consumers, agents and investors."