Zoopla Property Group has today confirmed its intention to float on the London Stock Exchange.
It has announced that agents and developer members will have the opportunity to purchase shares in the Initial Public Offering at a 20 per cent discount to the IPO price through an exclusive Member Offer.
It says the discounted Member Offer is designed to reward past and future customer loyalty and will allow each current ZPG member to purchase shares now and further shares next year at a 20 per cent discount to the IPO price.
Each member will be entitled to purchase up to £2,500 worth of shares per branch or per development that they advertise with ZPG in the IPO, and then to purchase the same amount again at the same price next year.
The Daily Mail and General Trust says it will take part in the IPO and will reduce its current 52.6 per cent stake in Zoopla Property Group, which includes Zoopla itself, PrimeLocation, SmartNewHomes and HomesOverseas, as well as property search functionality packages elsewhere online.
Countrywide, LSL, Connells and Zoopla founder Alex Chesterman will be among other shareholders selling shares as part of the public offering. Chesterman says: We are delighted to be able to offer our members the opportunity to become shareholders in our business by participating in our IPO at a significant discount. This is a great way of thanking our members for their loyalty and support and with almost 20,000 members, the offer equates to a £20 million discount to our loyal agent and developer members. Over 16,500 estate agent and lettings agent branches across the UK advertise on Zoopla each month, as does a range of housebuilders. ZPG claims that its websites and mobile apps attract 40 million visits per month and generate over two million enquiries per month for its members.
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