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OnTheMarket has raised £30m and announces trading schedule

Friday 26 January 2018

The Board of OnTheMarket plc has announced it has been successful in conditionally raising £30 million equity and expects to begin trading on AIM commencing 9 February 2018.

In a statement to the London Stock Exchange, OnTheMarket confirmed they had raised £30 million through the placing of new Ordinary Shares, although this is considerably less than the £50 million target suggested back in August.

In their official press release, the Group confirmed that their "key proposition of the business remains the creation of an agent-backed, full-scale property portal" that challenges the duopoly of Rightmove and Zoopla, offering a first class search experience to consumers, whilst charging substantially fair prices to agents.

The release continued: "Agents provide the majority of income for the property portals and also supply the majority of their most valuable content - the property listings. As a portal with significant agent support, the Directors believe is uniquely positioned to create an alternative to the leading incumbent portals and to provide an opportunity for a broad base of agents to participate in the equity value of their own portal."

Other key elements of the strategy are:

  • increasing the marketing budget to up to £25 million per annum for the first two years to raise the profile of the brand and continue to build the consumer audience;
  • investing to scale up the Company's infrastructure, especially its sales and customer relationship management organisation and its technology development;
  • substantially growing the core customer base of estate and lettings agents and other property advertisers using the portal; and
  • accelerating agent recruitment and broadening agent backing with the targeted use of equity incentivisation for key agents committing to support the portal with long term listing agreements.

Ian Springett, Chief Executive Officer of OnTheMarket plc, said: "We are pleased to have secured the backing of such a high quality investor base. 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. The 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."

A spokesperson for ZPG commented: "We welcome this news as it finally lifts the restrictive rule placed on agents for the past three years that has prevented them from being able to market their clients' properties freely and achieve the best outcome for them. We look forward to continuing to welcome back agents who want to benefit from the best value and most effective marketing, software and data solutions in the UK."