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OnTheMarket takes on Rightmove and Zoopla as it makes London trading debut

OnTheMarket raised £30mln of new equity capital as part of the flotation
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OnTheMarket is the third biggest UK residential property portal provider

British property search engine OnTheMarket PLC (LON:OTM) made its trading debut on London’s junior market AIM on Friday with a market value of about £100mln.

The third biggest UK residential property portal provider in traffic terms after Rightmove PLC (LON:RMV) and Zoopla PLC (LON:ZPG), raised £30mln of new equity capital as part of the flotation.

New kid on the block

It will use the proceeds to expand its property portal with the aim of attracting more listing agents, advertisers and consumers to its website, which allows users to search for properties to rent and buy.

“The board believes that OnTheMarket's £30mln capital raise alongside its admission to AIM and its established revenues provide the opportunity for a transformational step-change in the portal's position and for the development of new consumer and agent products and services and the targeting of revenues from new segments of the property market and new strategic partnerships,” the company said in a statement.

OnTheMarket was launched in January 2015, creating a new real estate search engine to challenge the dominance of Rightmove and Zoopla.

 

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OnTheMarket.com Timeline

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