Property company Zoopla has announced it is launching an initial public offering (IPO) on the London Stock Exchange this year.
Zoopla, which includes the websites PrimeLocation, SmartNewHomes and HomesOverseas websites as well as the Zoopla website itself, is following in the footsteps of fellow property firm Foxtons, which recently announced it is to proceed with a share sale of its own.
In a statement announcing its plans to list on the London Stock Exchange, Zoopla described itself as 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)".
Alex Chesterman, founder and chief executive officer of Zoopla Property Group (ZPG), stated that the company is delighted to be floating on the London Stock Exchange with the code ZPG.
He pointed out the decision to go through an IPO comes following a number of years of strong growth for the business, which has been able to build itself up as a "market-leading proposition for both our users and members". Mr Chesterman added: "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."
Zoopla currently has over 40 million visits per month to its websites and mobile applications, which Mr Chesterman pointed out has generated more than two million enquiries every month for the company's members.
He added: "ZPG has become an indispensable link in the property search process for consumers and the property marketing process for professionals across the UK."
In preparation for the coming IPO, Zoopla has announced the appointment of Mike Evans as non-executive chairman, while Duncan Tatton-Brown becomes senior independent director and Sherry Coutu is added to the board as a non-executive director.
Zoopla is one of the UK's leading property firms and investors will be keeping a close eye on the company's IPO later in the year.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.