Rightmove readies for stock market flotation |
|
|
Published
:
Thu, 11 Aug 2005 13:05
|
LONDON: Britain's largest property Web site Rightmove is preparing itself for stock market flotation. On Wednesday, it appointed investment bank UBS as financial advisers, Slaughter & May as legal advisers and KPMG as accountants for this purpose.
Analysts say the five-year-old firm could be valued at 200 million pounds. Rightmove, patronised by more than half of all U.K.'s estate agents to advertise their properties, had announced in June that it is planning an IPO. It is expected to be listed by year-end but the size of the offer is not made known.
The current owners of the Web site are estate agents Countrywide, mortgage bank HBOS and Connells, owner of Skipton Building Society (30 per cent each) and general insurer Royal & Sun Alliance (10 per cent).
Rightmove said these shareholders will reduce their stakes at the IPO, but will retain a holding. It said it had a 78 per cent share of the market for property Web sites. It had attracted over 10 million visits a month and is Britain's 14th most popular Web site.
Rightmove has a new chairman, Scott Forbes, who has the primary responsibility of getting the company listed. Said Forbes: "The appointment of a leading team of advisers is the next step in looking at opportunities and timescales for a potential IPO of Rightmove."
Rightmove had posted revenues of 9.2 million pounds and pre-tax profit of 2.3 million pounds in 2004, against a profit of 1 million pounds a year earlier.
|
|
|
|
|
|
Print this Story
