Hybrid U.K. real estate agency eMoov may soon follow in the footsteps of OnTheMarket and head towards listing on the stock exchange reports Sky News.
The agency has reportedly approached a number of investment banks regarding the listing, with insiders saying on Monday that eMoov’s plans could involve a conventional initial public offering or reversing its business into an existing listed vehicle.
An eMoov listing would underline continued investor interest in the online estate agency sector as OnTheMarket, a portal which competes with Zoopla and Rightmove, also prepares to go public.
It would also, however, highlight the extraordinary lead that Purplebricks has built up in the sector, with a market valuation that stood at just over £1bn during Monday’s trading session.
Last month the agency announced it had raised £9m in funding in a round that was led by consumer investment group JCX Ventures along with the personal involvement of Gaby Salem from Wharton Asset Management and this latest round means eMoov’s current valuation of around £40m is set to rise.
At the time, the company’s founder Russell Quirk said eMoov’s focus on technology was a key component of its success.
“The estate agency space is changing drastically and we have always been at the forefront of that change since we launched in 2009,” he commented. “During this time, we’ve watched the online/hybrid sector evolve to become well established with market share more than doubling in the last two years.
Mr Quirk declined to comment on the plan for eMoov to list on the stock market.