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.
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.