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OnTheMarket goes live on London stock exchange

Friday 09 February 2018

All eyes have been on OnTheMarket plc today as it finally launched on the London Stock Exchange.

OnTheMarket plc, the agent-backed company behind, announced its admission to trading on the AIM market of the London Stock Exchange at 8am this morning.

Opening at 163.00 pence, share prices were down 7.3 per cent in early trading and dipped as low as 148.00 pence by late morning.

Originally valued at 165.00 pence each in its IPO on January 26, the company issued 18.2 million shares, conditionally raising £30 million and giving it a market capitalisation of around £100 million. This is however considerably less than the £50 million target and £200-250 million valuation suggested back in August.

After this morning’s admission, Schroder Asset Management will hold six per cent of the shares, investor Jason Walker will hold 3.1 per cent, and stock broker and investment management firm Albert E Sharp will have three per cent. A total of 59 per cent of shares in the business will not be in public hands.

OnTheMarket said after listing it will further implement its strategy to compete with other major portals such as Rightmove and ZPG, by increasing its marketing budget to £25 million in the first two years, and investing in the scale up of its infrastructure, particularly its technology development and sales and customer relationship management.

OnTheMarket expects to have properties listed by over 5500 estate agents’ branches on its portal when it floats, however many of these will still have to observe the One Other Portal (OOP) rule. Whilst the portal confirmed it will be dropping the stipulation for new joiners, and is also lifting its ban on online agents, those agents on existing contracts will have to stick to the original terms.

Ian Springett, Chief Executive Officer of OnTheMarket plc, said:

"We are pleased to have secured the backing of such a high-quality investor base and are excited about the opportunities ahead. We believe that the new capital, together with our ongoing revenues, will support our strategy to build a strong agent-backed challenger to the incumbent portals. We intend rapidly to extend our customer base of estate and lettings agents, remaining committed to our core principles of offering sustainably fair prices for property advertisers and creating a premier search service for the most active property-seekers. This IPO will enable us to implement our marketing plans to build brand awareness and portal usage as well as to invest to scale up the supporting organisation and infrastructure to the benefit of consumers, agents and investors."