The U.K.'s second largest property portal, Zoopla, is poised to join the recent crop of internet companies making their London stock market debut.
Zoopla is set to float with a valuation of around £1bn, according to reports, following the recent £1bn-plus listings of fellow technology companies AO World and Just Eat.
The property portal is expected to announce plans for a London IPO on Thursday, alongside financial results from the Daily Mail and General Trust (DMGT), the site’s majority backer with a 51pc stake.
The media group is expected to sell a number of shares in the offering, while remaining Zoopla’s largest investor.
Chesterman founded Zoopla in 2007, after selling his stake in the DVD business LoveFilm. Remaining shareholders in Zoopla include housebuilder Countrywide, which owns 6pc, and LSL Property Services, which has a 4.9pc stake.
Talk of Zoopla’s float ambitions emerged in February, when DMGT confirmed it was participating in Zoopla’s board discussions about various options for the property business. Zoopla’s board hired Credit Suisse to work on options for the company last September, before adding Jefferies to work on IPO plans more recently.
In half-year results earlier this month, Zoopla and its sister site, PrimeLocation, announced a £14m dividend payout to shareholders, in a sign that Britons’ housing fever shows no sign of abating.
More than 1m homes were advertised on Zoopla over the six months to March 31 this year, with monthly traffic to Zoopla and PrimeLocation up by 10m compared with the previous year to 39.9m.
Underlying earnings rose 26pc to £18.7m over the same period.