OnTheMarket’s long-awaited stock market flotation took place this morning.
The portal is due to start trading on AIM at 165p per share when the market opens at 8am.
After this morning’s admission, Schroder Asset Management will hold 6% of the shares, investor Jason Walker will hold 3.1%, and stock broker and investment management firm Albert E Sharp will have 3%.
A total of 59% of shares in the business will not be in public hands.
The flotation was first announced last August when OTM said it hoped to raise £50m, valuing the business at between £200m and £250m.
It ended up conditionally raising £30m through the placing of new shares, some £20m less than originally expected.
OnTheMarket expects to have properties listed by over 5,500 estate agents’ branches on its portal when it floats.
However, EYE revealed last month that a number of agents on OTM will still have to observe the One Other Portal (OOP) rule.
The portal will be dropping the stipulation for new joiners, and is also lifting its ban on online agents.
While new joiners and those with new contracts will be free to list on all three of the main portals – Rightmove, Zoopla and OTM as well as others – those agents on existing contracts will have to stick to the original terms.
Early birds reading this story can check again later for updates once trading in OTM’s shares has started.