Member Article

DMGT confirms Zoopla Property Group’s intention to float

Zoopla Property Group Plc has announced its intention to proceed with an initial public offering.

Zoopla, owned by the Daily Mail and General Trust plc is valued at £1 billion.

DMGT currently holds a 52.6% stake in Zoopla and has confirmed, along with LSL Property Services plc and Countrywide that they intend to sell a proportion of their shares in Zoopla Property Group PLC in the offering.

They did not indicate how much they would dilute or sell down their shares.

The company intends to apply for admission of its ordinary shares to the premium listing segment and to trade on the main market of the London Stock Exchange.

The offer will comprise an offer of shares to institutional investors and to the group’s eligible members.

ZPG is an established digital media business operating in the broader UK property market by providing property search and research services to consumers and property marketing and data services to property professionals (estate agents, letting agents and new home developers).

The Group’s own brands include Zoopla, PrimeLocation, SmartNewHomes and HomesOverseas and the Group also powers the property search function for a number of leading third-party websites and mobile applications in the UK.

Alex Chesterman, founder & chief executive officer of Zoopla Property Group said: “We are delighted to be bringing ZPG to market following a number of years of strong growth and having built a market-leading proposition for both our users and members (being estate agents, letting agents and new home developers).

“In addition, we are excited to be able to offer the opportunity to our members to participate in the Offer and become shareholders in the business as part of this process.”

“In 2008 we set out to provide consumers with the most useful online property resources and to be the most effective partner for property professionals in the UK.

“Today, with over 40 million visits per month to our websites and mobile applications, generating over 2 million enquiries every month for our members, ZPG has become an indispensable link in the property search process for consumers and the property marketing process for professionals across the UK.”

“We’re confident about our future as we embark on the next stage of our development as a public company on the London Stock Exchange.”

This was posted in Bdaily's Members' News section by Clare Burnett .