Zoopla float values property website at £918.8m

Property website operator Zoopla made its market debut today, pricing its shares at 220p each, in the lower half of its expected price range.

Earlier this month the company – which is valued at £918.8 million following the float – set a range of 200p to 250p for its shares.

The initial public offering (IPO) will raise up to £190m for media group Daily Mail & General Trust, which plans to reduce its 52.1 per cent stake in Zoopla to no less than 31 per cent.

Zoopla founder and chief executive Alex Chesterman said: “Today’s announcement marks an important milestone for our business following a number of years of strong growth.

“We have received a significant level of institutional investor support in our business, which once again underlines the growth potential of Zoopla Property Group.”

The firm is the 17th technology company to float in London this year. John Millar, head of primary markets at the London Stock Exchange, said: “Zoopla Property Group’s IPO demonstrates the continuing strength of the UK’s technology sector and London’s ability to finance and support these fast-growing businesses.”