A rival to online estate agents Zoopla and Rightmove will join AIM next month when property portal OnThe Market PLC (LON:OTMP) lists on the junior market.
Ian Springett, chief executive, said Rightmove and Zoopla run a duopoly that is ripe for disruption.
READ: Brokers like the look of Zoopla’s latest acquisition
OnTheMarket will offer a full-scale property search service and offer ‘fairer prices’ to agents, he added.
A placing has raised £30mln to fund an increase in the marketing budget to £25mln in each of the next two years and a step-up in agent recruitment.
OnTheMarket claims 5,500 agents already, accounting for a third of all property listings.
“Agents provide the majority of income for the property portals and also supply the majority of their most valuable content - the property listings.
“As a portal with significant agent support, the directors believe OnTheMarket.com is uniquely positioned to create an alternative to the leading incumbent portals.”
READ: Property portal OnTheMarket looks to expand with AIM float
Dealings start February 9, with the placing priced at 165p.
Estate agents will own more than 70%, with the company valued at more than £100mln.
Springett added: "We intend rapidly to extend our customer base of estate and lettings agents. The IPO will enable us to implement our marketing plans to build brand awareness.”