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.

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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.”

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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.”