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OnTheMarket announces stock market flotation

Monday 11 December 2017

Agent-backed OnTheMarket Limited has confirmed its intention to list on the AIM market of the London Stock Exchange.

Following Agents Mutual's formal announcement on 4 August 2017 of their intention to form a new parent company, OnTheMarket plc have affirmed their position to offer a minority stake to investors as part of the initial public offering (IPO) on the AIM arm of the stock exchange, with a view to raising £50 million in new equity capital which will be used to fund the growth of the company.

Already the third biggest UK residential property portal provider in terms of traffic, OnTheMarket plans to use a substantial portion of the funds 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 used to aid the expansion of the Group's sales and customer relationship management organisation, and its technology development capacity. This will underpin their strategy to not only attract more estate agents and other property advertisers to use the portal, but also to increase the levels of traffic and engagement with property-seekers.

In their official press release, the Group confirmed a key part of it'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".

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 total, the branch networks of Arun Estates, Chancellors Group and Hunters Property Group plc amount to over 350 branches nationwide.

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."