Home / Articles / OnTheMarket plans to join stock market to rival Rightmove

OnTheMarket plans to join stock market to rival Rightmove

The UK’s third biggest property portal, OnTheMarket.com, plans to raise £50m by issuing shares on the stock market.It will use the money to help it compete against its larger rivals Zoopla and Rightmove, which currently dominate the market.OnTheMarket.com is owned by over 2000 estate agents, including Savills, Knight Frank and Strutt & Parker.It has previously accused Zoopla and Rightmove of charging too much for advertising properties on the internet.”For consumers and agents alike, we are committed to creating a genuine agent-controlled alternative challenger business and brand to the two leading incumbent portals,” said Ian Springett, chief executive of the parent company Agents’ Mutual.The money will be spent on a “heavyweight” advertising campaign on television, and in digital and print media.OnTheMarket’s members will vote on 6 September whether to go ahead with the float, which if successful would value the company at between £200m and £250m.The offer will be open to institutional investors only.
Source: BBC News

About Business Ideas UK

My name is Joel Bissitt. I have been an entrepreneur for 24 years and have run many small businesses across various sectors. For the last 10 years I have worked mainly within online media, franchising and small business start-ups. I am an author of various websites including Franchise UK https://www.franchise-uk.co.uk

Check Also

Brexit cloud hanging over Farnborough Airshow

Political concerns overshadowed the second day of the Farnborough International Airshow as business leaders …

Free Franchise Guide

Free Franchise Guide

Interested in buying a franchise? The our FREE Franchise Guide is a must! The guide contains lots of information to help you decide if franchising is right for you.

Yes, I'd like to join the Franchise UK mailing list.