EYE NEWSFLASH! Property portal OnTheMarket announces stock market flotation

OnTheMarket has today confirmed that it is launching as a publicly listed company.

However, the firm has given no timing and City analyst William Packer, of BNP Paribas Exane, said there were “lots of unanswered questions”, including the level of current membership and traffic to the site, and that there had been “limited disclosure of information”.

Packer said: “Overall we see the news as broadly neutral for the incumbents.

“At ZPG, the portal is now a much smaller part of the wider business following recent mergers and acquisitions. Furthermore, although increased OTM marketing spend could bring inflationary marketing pressure, ZPG could win back agent customers following the planned dropping of the One Other Portal rule.

“At Rightmove, again inflationary marketing pressure could drag (although historically there has been little impact from peer spend) but on the other hand it could benefit if Zoopla and OTM renew hostilities.”

The announcement, at 7am today, said: “OnTheMarket Limited (to be re-registered as OnTheMarket plc), the agent-backed company which operates the OnTheMarket.com property portal, is pleased to announce its intention to list on the AIM market of the London Stock Exchange.

“As previously announced on 4 August 2017, OnTheMarket plc will seek to offer a minority stake to investors as part of the IPO with OnTheMarket’s entire issued and to be issued share capital being admitted to trading on AIM.  The objective is to raise approximately £50 million of new equity capital which will be used to fund the growth of OnTheMarket, already the third biggest UK residential property portal provider in terms of traffic.

 “The Company has engaged Zeus Capital as Financial Adviser and Broker to manage a proposed Placing and IPO.

 “A substantial portion of the funds raised will be committed to support broad marketing campaigns through television, digital, local radio and poster and press advertising, in addition to increased PR and social media activity.

“Funds will also be committed to the expansion of the Group’s sales and customer relationship management organisation and its technology development capacity. This will underpin the strategy to not only attract more estate agents and other property advertisers to use the portal but also to grow the levels of traffic and engagement with property-seekers.

“A key part of the Group’s growth strategy involves implementing appropriate incentives for agents to make a long term commitment to list their properties on the portal and the rapid building of its agency branch base. This will be achieved in part through offering equity participation following Admission to selected new agents alongside long term listing agreements, with arrangements in place to restrict agents from the short term sale of any such shares and to align their interests as shareholders with the success of the Group.

“As recently announced, OnTheMarket has signed long term listing agreements with leading estate agencies and property services providers, Arun Estates, Chancellors Group and Hunters Property Group plc. The agreements are conditional upon, and will take effect from, an IPO taking place. In aggregate, the branch networks of Arun Estates, Chancellors Group and Hunters Property Group plc amount to over 350 branches.

“The issuance of new shares to recruit key new advertisers is expected to result in both direct and indirect revenue growth.

“Ian Springett, Chief Executive of Agents’ Mutual, said: “We have made good progress against our plans first announced earlier this year.

“Our demutualisation received overwhelming support from members, and more recently we have signed new long term listing agreements with a number of leading estate agencies and property services providers. We are now well placed to list and raise new funds to challenge the two leading incumbent portals.

“We are excited about this new chapter in OnTheMarket’s development, which will strengthen our market position, and benefit our agents, investors and consumers using our services.”


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  1. AnotherPlanet365

    Dear G*d, still no more real news Ian?

    ”Our demutualisation received overwhelming support…. Blah, Blah, Blah”

    As the taxi rank is jammed with those waiting to leave?

    Get on with it Ian!

    The silent marketing from OnTheMarket remains the loudest thing I can hear!

    Promises, Promises yet still no discernible market presence. I can see Ian browsing his new car brochure this morning though, deciding on what level of luxury he wants to be conveyed in, passing that taxi rank of Leavers that he just doesn’t want to let go otherwise his House of Cards will come tumbling down!

    1. NewsBoy

      I’m sorry but you really are on another planet. OTM is not waisting money on marketing and will not do so until the office  numbers get very close to Hoopla, which hopefully will not be long. First Hoopla and then on to Wrongmove.

      1. 3ak02

        Doesn’t matter how much money you throw at marketing, its about what you and your clients get back. I do marketing for a living, they are no where close to Zoopla in fact they are even behind Prime Location. So don’t bring OTM and RM/Z into the same bracket. They need to first beat Prime Location. As for the IPO its nothing but a money making scheme, anyone that invests I wish you all the best.

        1. P-Daddy

          The investors pitch should have led with the announcement that ‘funds being raised by challenger property portal OTM will shake the world of online property advertising. This disruptor is unique in being disrupted by its errr members, who all bicker at each other and therefore Ian Springett ‘known as MC Disruptor’ looks to offer this game changer to the world at large, as they will all see the word property and game changer and lap it up and hope he gets a big reward without any skin in the game! 🙂

          Its a shame that this last roll of the dice is necessary at a time that other IPO’s are struggling as the stock market is seen as over valued. But it is necessary as OTM are now realizing how expensive it is to challenge the big boys and the cynicism within the industry is limiting its ability.

          OTM is to be treated as a start up and of course would take a while to establish…look how long it took Rightmove, but with a big leg up by the early supporters this should have been more of a success…and now the big picture is lost and the value of agents data is being gifted elsewhere. Of course the property developers and online call centres are now jumping all over the portals and marginalizing the agents who made them essential in the first place. The risk was always to have Springett at the helm; Marmite is what springs to mind with him and of course OTM has done what estate agents are notorious at, winning the business and then not effectively staying in touch to keep the clients happy when there have been over promises. There is the parallel. The industry does not want to see it fail, but there is a huge issue with herding all these cats as the industry is dominated by small businesses and the corporates make decisions based on stock market buzz words rather than what is needed.


  2. IndAgent

    More misleading than a wonderbra!

  3. Chrispy

    No traffic, giving away memberships, no advertising.

    Sounds like a solid investment to me!

  4. NewsBoy

    Great news for those of us with our glasses half full. Despite all the “anti” chirping there is now a very real chance that we can follow NAR and have our own portal, rather than spending our hard earned income of providing Wrongmove with 80% profits and 20% service.

    All in all, a nice early Christmas present.


    1. danny

      newsboy, not sure you’ve read the above article .  It says that “your portal” is going to give “your money” to investment bankers , Ian springett personally and other agents who didn’t bother to put any in or join …. it’s the Christmas equivalent of having a box under the tree for two years and when you come to open it , Ian takes it off you and gives it to someone else

  5. manchester57

    Well done Ian.

    1. PeeBee


      Is that in a ‘pat-on-the-back-for-a-job-well-done’ kind of comment… or a ‘rolling-on-the-back-with-legs-kicking’ kind?

  6. scruffy

    It seems a shame that the only City Analyst comment should come from one of the ZPG team.

    If we are to be informed, whether with a pre-conception about the planned float or not, such a news item (warranting a “Newsflash”) should include comment from someone able to give an independent view from the City. Surely a view on the success or otherwise to this float is likely to be far more relevant and interesting than giving space to those with an interest in seeing it fail.

  7. PeeBee

    Once again, I am disappointed that I (and I therefore assume a great number of other ‘Members’) receive notification of the future of “our” portal by reading EYE before the official email lands in my Inbox.

    1. GPL

      Disappointment PeeBee ….however absolutely no surprise.

      Ian & Co are like soaring seagulls sh*tting on those below…. or am I quoting Eric Cantona?

      Never have I endured soooooo many announcements and so little actual detail.

      I’m waiting for the Whizz Bang OTM relaunch with Ewan McGregor doffing his cap as he walks away saying….

      “As for Happily Ever After… Who knows?”

      Mrs McGregor no doubt has an entirely different view.

  8. AnotherPlanet365

    As a bona fide Day 1 Gold Member, now Leaver, I am watching my monthly subscriptions disappearing into a black hole

    Zero return over several years, then a burst of online enquiries around the IPO vote then those mysteriously disappeared, notwithstanding when one called these enquirers back or emailed them nothing but nothing was heard back. A huge question mark hangs over what went on there however I think we can guess

    Someone mentioned the portal chart positions earlier. Let me clarify, sadly for you and me as my money gets squandered monthly

    Rightmove – No 1

    Zoopla – a submissive No 2

    OTM – pointless

    I look forward to the OTM Announcement that all Leavers can actually Leave now rather than the disgraceful forced imprisonment that Leavers currently endure

    My company and many, many others contributed to a democracy and are now subjected to a Dictatorship

    Newsboy? You are in Dreamland. I have realised that I am trapped in a Nightmare – and it’s still called OTM

    OnTheMarket has been OffTheMarket for months and months and months!. They are not building a brand, they are building their personal fortune

    I only hope the Ghost of Christmas Future comes to haunt Springett and Co



  9. J1

    Congratulations on voting to increase your own costs everyone.

    You are all now locked in for five years (you may have a little cash to pay out a retiring old fogie who decided to support the float because it is the only way they can get a drop before they go off to pasture – you know who you are).

    You won’t be able to resist going back on Zoopla at some tempting low rate for twelve months.

    Turkeys, Turkeys, Turkeys.


    1. PeeBee

      “You won’t be able to resist going back on Zoopla at some tempting low rate for twelve months.”

      One thing that has come out of this… episode… in our industry’s history is that many have stated that they have not missed their ‘second portal’.

      Zoopla picked up the baton in terms of anti-OTM and ran with it like you wouldn’t believe.  That put RM in the good books – but in reality they were just sitting back watching the handbag flying.  There was never any need for them to make it a three-way… and if they had – as I said many, many moons ago – it would make Zs attempt at retaliation look like a peashooter against a tank.

      There is blame to be laid at feet for where this has gone and is going.  But like the pitches of competing listers, you will never get two saying the same and each will be batting for their own team only so one person’s opinion of where it all went wrong will be different from the next.

      Only thing for sure is that it hasn’t gone the way it was pitched to anyone – whether they bought into it or not.

      As to whether hordes will return to Z… RM… when the OOPR is relaxed (or simply join if they weren’t on that portal before signing up to AM/OTM and its’ original Membership terms) – that we will have to wait to see.

  10. KByfield04

    So here’s the thing- portals don’t create leads they simply funnel them. Therefore adding another portal doesn’t create new business it just dilutes it. My biggest issue with OTM is that it delivers nothing new- there is no new consumer digital experience it is just another portal. The dropping of the oop rule will mean that agents (like me and many I know) who offer a top tier service and do everything for their clients will now have to sign up- how can’t we!?! However to think that investors will plough £50m into OTM and won’t want subscriptions to climb fast to achieve profit & value appreciation- well buckle up because give it 3-5 years and most of us will be paying 3 substantial portal rates instead of 2.


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