Rightmove shares to cost between 240 pence and 315 pence |
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Published
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Fri, 24 Feb 2006 13:25
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LONDON: Property website Rightmove Plc. has set an indicative price range between 240 pence and 315 pence an ordinary share for its stock flotation, hoping to raise 72 million pounds on the market, the company said.
The company plans to offer 22.7 million ordinary shares, constituting 18 per cent of its issued share capital. The price band will give it a market capitalisation of between 305 million pounds and 400 million pounds.
Rightmove is owned by estate agents Countrywide, mortgage bank HBOS and Skipton Building Society each having 30 per cent stake, and general insurer Royal & Sun Alliance, which has the balance 10 per cent. The float will reduce the total stake of these entities to around 82 per cent.
The firm offer price will be made public around 10 March and the shares will start trading on the London Stock Exchange five days later, Rightmove said. Swiss investment bank UBS will be the sponsor and bookrunner, while Panmure Gordon will be co-lead manager.
Rightmove, set up in 2000, is one of the six major online property websites and allows house hunters to get information on house availability with estate agents. It also compiles a house price index.
The company charges estate agents to list their properties and has some 3,000 registered estate agents using the facility. It claims 75 per cent of the online property advertising market in Britain and some 10 million individual users every month. It had revenues of 18.2 million in 2005.
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Quotes * |
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NASDAQ
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1398.07 |
-137.50 (
-8.95 %)
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| SYMBOL (
2007-09-26 ) |
| LAST |
CHANGE
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HANSON
(
12:41pm )
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1099.00 |
+3.00 (
0.27 %)
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AMVESCAP
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11:35am )
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607.50 |
+2.50 (
0.41 %)
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| SYMBOL (
2008-12-01 )
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CHANGE
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INTEL CP
(
4:00pm ) |
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12.56 |
-1.24 (
-9.16 %)
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2007-09-04 )
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