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Zoopla prices shares at 200p-250p

Zoopla prices shares at 200p-250p

Online property group Zoopla has set its offer price at between 200p and 250p ahead of the start of conditional dealings on 19 June.

The price values Zoopla, which is currently 52.6% owned by the Daily Mail and General Trust (LON:DMGT), at between £833mln and £1.04bn.

The range gives Zoopla a price-to-earnings ratio lower than that of its main rival, Rightmove (LON:RMV).

Conditional trading, when institutions and Zoopla’s subscribing members can start dealing the shares, begins on 19 June, followed by the start of unconditional trading, which includes retail investors, on 24 June.

The fast-growing group laid out its plans last month for its flotation in which it said subscribing members – that means estate agents, lettings agents, new home developers, and franchisors – will be able to get their hands on up to £2,500 of stock at a 20% discount to the offer price.

Zoopla aims to sell up to 179mln shares, representing 43% of the existing share capital.

The final pricing will take place in a fortnight.

Zoopla’s founder and chief executive Alex Chesterman, who holds an 8% stake in the business, said: “Today's announcement reflects the strong level of investor interest in our business and underlines the growth potential of Zoopla Property Group. 

“We have been delighted with the response to the news of our intention to float, including from our members who will have the opportunity to participate in the initial public offering and become shareholders in our business.”

Questions have been asked about the timing about the float given the recent instability in the IPO market.

Today’s shock profit warning from online superstar ASOS (LON:ASC) will not have helped matters.

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Daily Mail and General Trust Timeline

September 27 2018
December 05 2017

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