Zoopla is to go ahead with a flotation on the London Stock Exchange, it was announced this morning.
It will be offering discounted shares to agents and developer subscribers – with the total discount worth almost £20m.
The 20% discount is, said Zoopla, “designed to reward past and future customer loyalty”and will allow each current member to purchase shares now and next year at the discount per branch.
Each will be able to buy up to £2,500 shares per branch or per development this year, and the same again next.
Alex Chesterman, founder & CEO of ZPG, said: “We are delighted to be able to offer our members the opportunity to become shareholders in our business by participating in our IPO at a significant discount.
“This is a great way of thanking our members for their loyalty and support and with almost 20,000 members, the offer equates to a £20m discount to our loyal agent and developer members.”
The Daily Mail and General Trust announced its intention reduce its stake in Zoopla Property Group.
DGMT currently holds a 52.6% stake in the group, which includes Zoopla itself, PrimeLocation, SmartNewHomes and HomesOverseas, as well as powering the property search function for a number of third-party websites and mobile applications.
Countrywide and LSL also put regulatory news statements (RNS) this morning concerning the flotation.
Both LSL Countrywide said that they intend to sell a proportion of their shares in Zoopla.
It was also announced that Connells and Chesterman will be among other shareholders selling shares as part of the public offering.
Chesterman, who entered the Sunday Times Rich List for the first time this week, said: “We are delighted to be bringing ZPG to market following a number of years of strong growth and having built a market-leading proposition for both our users and members (being estate agents, letting agents and new home developers).
“ 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.
“In 2008 we set out to provide consumers with the most useful online property resources and to be the most effective partner for property professionals in the UK.
“Today, with over 40 million visits per month to our websites and mobile applications, generating over 2 million enquiries every month for our members, ZPG has become an indispensable link in the property search process for consumers and the property marketing process for professionals across the UK.
“We have built strong and trusted brands with high engagement levels across our platform as a result of our passion for innovation and differentiation and our mission of becoming the consumer champion in the UK property market.
“I am very proud of what the team has achieved to date and we are incredibly excited about the opportunities ahead to continue to grow our brands and business.
“We’re confident about our future as we embark on the next stage of our development as a public company on the London Stock Exchange.”
Zoopla also announced three new board appointments, including a new non-executive chairman, Mike Evans. Duncan Tatton-Brown has become senior independent director, and Sherry Coutu has become a non-executive director.