OnTheMarket’s long-awaited stock market flotation took place this morning. By about 11.15am, share prices had dropped some 10% from when trading began and ended the day just over 11% down from the starting price.
The portal started trading on AIM at 163.5p per share when the market opened at 8am, ending today at about 148p.
After this morning’s admission, Schroder Asset Management will hold 6% of the shares, investor Jason Walker will hold 3.1%, and stock broker and investment management firm Albert E Sharp will have 3%.
A total of 59% of shares in the business will not be in public hands.
The flotation was first announced last August when OTM said it hoped to raise £50m, valuing the business at between £200m and £250m.
It ended up conditionally raising £30m through the placing of new shares, some £20m less than originally expected.
OnTheMarket expects to have properties listed by over 5,500 estate agents’ branches on its portal when it floats.
However, EYE revealed last month that a number of agents on OTM will still have to observe the One Other Portal (OOP) rule.
The portal will be dropping the stipulation for new joiners, and is also lifting its ban on online agents.
While new joiners and those with new contracts will be free to list on all three of the main portals – Rightmove, Zoopla and OTM as well as others – those agents on existing contracts will have to stick to the original terms.
The share’s ticker is OTMP.
Ha ha £1.65 what happened to the £4 / £5 a share?
That will teach the greedy naive agents. I bet by the end of the day it’s not even £1.50
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Looks like i was wrong, only took until midday.
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Pity they didn’t try removing the one other portal rule a good year or so ago, especially when they knew they were going to do it anyway.
There is a possibility they could now have double the membership they currently have….and even might have been able to remain a mutual!
#missedopportunity
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I wonder what anyone reading these stories is thinking , as a short round up the guy who launched a mutual today takes £6.25m in shares out of a company that was paid for by estate agents who are now locked into contracts with the company that now has its assets transferred into a new company where the original company owners now own 59% ….. but Ian will expect you to honour your contracts as gentleman … it’s all about honour
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Extremely well put danny.
All we need now to cap off this whole debacle is for those founding members to be ‘persuaded’ into joining Prime Location and ZPG!
Did they suggest dropping the one other portal rule which would allow them to do so?
Would this ultimately mean that Alex had totally won this war with Springate?
Was keeping NO voters tied to a contract preventing them from joining ZPG simply a result of this spat between them?
#bankers!
#Con the market?
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Keeping no voters tied, I see another court case – OTM would surely loose that one hands down!
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£30m raised, £20m that will be spent on legal fees challenging the one other portal rules for the individuals who did not sign new contracts as they anticipate that OTM will remain an also ran.
That leaves £10m advertising fund, upgrading technology, and recruitment of staff………..oh shucks this is not the plan we were all pitched.
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And just whilst we are the topic of honour , 59% of the shares are not in public hands . How much does it cost Ian and his 4 investors to buy the inevitable 10 percent that will be sold this morning by estate agents tanking the price and giving Ian and his investors a controlling share of the company ? Just a thought , what would it be … a couple of million ?
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danny just imagine if YOPA or other then buy out those controlling management shares?
Did easygroup pay a similar amount for the Guild and their 800 or so members?
Why was a former key principal online agent ban also dropped?
I do hope someone foresaw any potential take over dangers and tied those management shares into a similar {mutual} deal as the members?
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ashamed to say I am a TV addict, I have seen no TV advertising for 18+ months including in the run up to this sos flotation
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Little word of advice to the agents that have shares.
Dump the 10% you can sell asap as the price will tank in the next few days.
At least get an evening out after selling soul.
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They are not all listening. I see someone splashed out £99 to buy 63 shares.
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Should wait a couple of days, next week they could have 99 shares for £99
Though most IPO’s were suppose to go up after launch not down?
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Purplebricks were down about 30% within a month of launch.
I’d be tempted to have a punt with OTM but would need more than a 10% drop to whet my appetite.
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Difference is PB had a fantastic PR machine and a USP (even though they don’t really). They managed to buy into the public’s greed.
OTM has nothing to offer anybody, they have almost zero brand awareness and their own customers the estate agents want nothing to do with them.
Will be sub £1 very shortly and i cannot see how it will ever recover. Their only saving grace is the cap on the amount of shares the agents can sell, which strangely does not apply to them ……
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At the risk of sounding sarcastic
why would anyone want to invest in a property portal that nobody has ever heard of?
A con job from start to finish
Laucnhing anything property related off the back of a headline about rising interest rates is potentially doomed
good luck with that one IS
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I know it would be madness wouldn’t it, in fact it would be just like someone buying shares in an online estate agent that charged a fee regardless of whether they sold a property……..
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Ha
thats made my mind up
ringing my broker now
🙂
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Perhaps those investing would also like to invest in a few of these companies – https://uk.investing.com/analysis/the-worst-performing-stocks-of-2017-200199097
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OTM were always going to become a 3rd portal for profit – originally set up to combat the Duopoly of RM & Z and online agents. Have lost the core principles that agents bought into. my opinion – when your contract ends, don’t renew, they don’t have the support nationally nor the budget to compete and will only become another expense for independent agents who are trying to compete with each other and the corporates in the long run.
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Roll on onthemarket did rightmove give me shares 17 years ago when I was one of the first on it nonononono
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Errr they should have.
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Down 5p from launch price.
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In half an hour. Going to be a long day for them.
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10p down now…
Hold, on, Bucky – you’re in for the ride of your life
YEEEEEHAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA!
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anybidy have a link to live share price?
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http://www.hl.co.uk/shares/shares-search-results/o/onthemarket-plc-ord-gbp0.002
Think its updated every 15 minutes
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It won’t cost 20m to pay off legal battles on will have monthly fee income to pay salaries and costs with plenty left over for advertising.
it seems there was, a never mentioned mid term plan to float and many have had their fingers burnt so look at this with as much enthusiasm as you can, it is what it is and when it was running it had merits and it can again.
if agents start to join it will get stronger and known then better known then become a serious mumber2 or 3.
stop the whining, you have to pay the fees so make something of it rather than throw it down the pan because your next moan will be high the increase is from R but if only can, this time, with your support, grab traction then this time maybe R will have to hold off with increased fees, it’s up to you.
Forget knocking IS that’s done and over besides he and his team built this one and it didn’t come free so they have had lent of costs before and after they came to you.
Make the most of this or break it, it’s your move and choice.
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An extract from Essjaydee51’s latest investment advice book ” shut up,dont have an opinion and keep giving us your money” , out Tuesday ….
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It won’t cost 20m to pay off legal battles otm will have monthly fee income to pay salaries and costs with plenty left over for advertising.
it seems there was, a never mentioned mid term plan to float and many have had their fingers burnt so look at this with as much enthusiasm as you can, it is what it is and when it was running it had merits and it can again.
if agents start to join it will get stronger and known then better known then become a serious mumber 2 or 3.
stop the whining, you have to pay the fees so make something of it rather than throw it down the pan (because your next moan will be how high the increase in fees is from R) but it will only survive and grow, this time, with your support, when it grabs traction then this time maybe R will have to hold off with increased fees, it’s up to you.
Forget knocking IS that’s done and over besides he and his team built this engine and it didn’t come free so they have had plenty of costs before and after they came to you.
Make the most of this or break it, it’s your move and choice.
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Such a good point you thought you had to make it twice.
Agents are pack animals; it will interesting to see which way they go.
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Here is a piece I wrote 4 years ago warning why Agents Mutual was always going to be a trap at the expense of its smaller members.
https://easymatch.co.uk/is-agents-mutual-a-trap/
What a missed opportunity.
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Not sure the links are working Charlie!
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Pesky eye comment editor! Working now?
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Down almost 10p a share on a 1.63.50 opening.
Says it all really. As a Gold Member who put money up for this debacle I should have saved my money and spent it on something worthwhile.
I’m not laughing, although plenty others are.
Embarrassing.
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All that glitters isn’t gold
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Good luck one and all. I sincerely hope you all lose your shirts.
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This is from the share magazine website.
OnTheMarket tops off its woes with a miserable start to life as a listed company. – Says it all really, this comment is not even from an estate agent.
Hope okay to post, link to the article (share price has dropped further since publication)
https://www.sharesmagazine.co.uk/news/shares/onthemarket-off-to-a-bad-start-as-its-share-price-falls-on-stock-market-debut
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Sorry chaps, I didn’t mean to post it twice, I thought I had pulled it back for editing, in the first place it’s the ****** predictor then having edited I posted not realizing it was actually the second time.
Danny you have been nothing but derogatory towards otm and that’s your entitlement, I have opined on good and bad in regards otm so mine is a more balanced view point however nowhere in my post is it dictating to peeps about what they can or can’t do, it was only imo that if you were stuck with a contract, see it out positively because it just might pay dividends.
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Oh dear £148.25 now>
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and here we are….
OTM V2? The New Beginning?
Deja Vu . com
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Congratulations Springett — you cheated a lot of people. Hope it was worth selling your soul
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